ok, I checked.
Yep, your initial term is 10 years, but I imagine most of us will consolidate to make use of a longer term. You can always pre-pay without penalty -- a good idea, especially if you're making major bank -- but it will probably be nice to have a lower required payment in case you need some wiggle room at some point.
Also, I mentioned this elsewhere, but think it's worth repeating: Do shop around before you settle on a lender - for all your loans. The rate and terms are fixed for federal loans, so don't worry about that. But there are other things to consider, even for these loans: most lenders charge origination (3%) and guarantee (1%) fees, but some don't. Also, others will give you additional benefits once you enter repayment -- rate and even principal deductions.
For private loans, check out http://bankrate.com/brm/rate/college_home.asp
for comparisons. We're fans of http://www.myrichuncle.com
for private loans, and last I knew they were leading the pack. I do know that the average rate is around 8.7, but I've recently seen rates as high as 11%!
And since you all (at least those of you in US/Euro) make two or three times what I do, I thought about asking for donations for all the free financial education I've been dishing out....I could set up a tree-hugger-wants-mba Pay Pal account or something. Instead, though, I will ask you to consider supporting the good work my credit union does when you get your student loans. We offer some of the best deals (waived/limited origination fees plus lots of post-grad bennies), and all you have to do is plug in our number when you borrow and we'll get a kick-back.
So PM me if you think you might be interested. You'll get the loan you want -- at the best terms -- and do some good at the same time.