How Long Is Too Long?

I’ve been working on different term papers and essays for university for a while now, and I still don’t really have a sense of when you’re supposed to start working on something or how long it should take to complete a paper like that. Whenever I ask my classmates, everyone gives me a different answer. For example, for a 15-page term paper, some people say they need two days, while others say they need two months. And somehow, I don’t really know where I fit in between those extremes or how I can prepare well without putting too much emphasis on perfection.

I want to do a good job without completely drowning in work, but I haven’t figured out how to do that yet. 

In general, I often find myself in situations where I realize things, but somehow don’t actually internalize them... but I’m getting off track.