An academic period is a measured time of enrolment. Amortization is the process of gradually repaying a loan amount over an extended period through periodic instalments of principal and interest. When a student applies for or receives a student educational loan, the amortization period is discussed. This is the total length of time available for the student to replay their loan. The maximum amortization period for a student can be 234 months or 19.5 years. Most amortization periods are scheduled to be roughly nine years long. The amortization period is at the lender's discretion and extensions can be applied for.

The total monthly repayments on a student loan depend on the agreed amortization period. If a student feels that the payments are too much for them to pay at a certain time, then they may apply to extend the amortization period thus lower the average monthly repayments of the loan. Generally, the longer the period the loan can be paid over, the smaller the actual repayments are. During times that the student can pay extra, they may shorten the amortization to increase the repayments and shorten the length of time required to pay off the student loan.

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