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Average Student Loan Payment: Estimate How Much You’ll Pay

The average monthly payment for recent graduates is $393 — but that could be higher or lower based on your degree.

Matt Carter Matt Carter Edited by Ashley Harrison Updated November 1, 2021

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

When borrowing for college, it’s important to figure out what your average student loan payment will be after graduation. That way, you’ll know what to factor in and won’t break your budget.

The overall average student loan payment is $393, but yours could be quite different — especially depending on your degree. But don’t worry, we’re here to help you figure all that out.

Here are average student loan payments depending on your degree:

  • Average undergrad student loan payment
  • How to calculate your monthly student loan payment
  • Average graduate school student loan payment
  • Average law school student loan payment
  • Average medical school student loan payment
  • What to do if you can’t afford your student loan payment
  • Smart moves to make if you CAN afford your student loan payment

Average undergrad student loan payment

  • Standard repayment plan → $305
  • Graduated repayment plan → $344
  • REPAYE → $389

The average student loan debt for recent graduates with a bachelor’s degree is $29,000. Let’s say you’re paying the average student loan interest rate of 4.53% for undergrads and enroll in the standard 10-year repayment plan, your monthly payments will be $305.

Repayment planMonthly paymentYears of paymentsTotal repayment cost
Standard 10-year repayment plan$30510 years
$36,555
Graduated$172-$516
(first, last)
10 years$38,487
REPAYE $308-$469
(first, last)
7 years, 9 months$35,236
Monthly payments for bachelor's degree debt of $29,000 at 4.79% average interest rate for undergraduates. REPAYE assumes starting salary of $55,660, the median for younger workers with bachelor's degrees

If you enroll in a graduated repayment plan

If you enroll in the graduated repayment plan, your payments will start lower, at $172 a month, but gradually increase to $516. So over the life of your loan, your average monthly payment would be $344.

If you enroll in REPAYE

Your payments in an income-driven repayment program like REPAYE will depend on your income. Let’s say you’re making $55,660, the median income for workers who are just starting out and have a bachelor’s degree. Your monthly payments in REPAYE would start at $308 and gradually increase to $469. That’s an average monthly payment of $389.

If you refinance

If you refinanced all of your student loan debt into a new 10-year loan with a 3% fixed interest rate, your monthly payment would go down to $280 and you’d save $2,388 compared to the standard repayment plan over the life of your loan.

You could also choose to shorten your repayment term to save even more. For example, if you chose a five-year term and paid $521 per month, you’d save $4,725.

If you decide to refinance, be sure to compare rates from as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in just two minutes.

LenderFixed rates from (APR)Variable rates from (APR)Loan terms (years)

brazos student loan refinance

Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.4%+ 4.32%+ 5, 7, 10, 15, 20
  • Fixed APR: 4.4%+
  • Variable APR: 4.32%+
  • Min. credit score: 690
  • Loan amount: $10,000 to $400,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Loan servicer: Firstmark Services
  • Max. Undergraduate Loan Balance: $100,000 - $149,000
  • Max. Graduate Loan Balance: $200,000 - $400,000
  • Offers Parent PLUS Refinancing: Does not disclose


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.39%+1 5.09%+1 5, 7, 10, 15, 20
  • Fixed APR: 5.39%+1
  • Variable APR: 5.09%+1
  • Min. credit score: Does not disclose
  • Loan amount: $10,000 to $750,000
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay, loyalty
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 to 36 months
  • Loan servicer: Firstmark Services
  • Max. Undergraduate Loan Balance: $100,000 to $149,000
  • Max. Graduate Loan Balance: Less than $150,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.99%+2 4.44%+2 5, 7, 10, 12, 15, 20
  • Fixed APR: 4.99%+2
  • Variable APR: 4.44%+2
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 to $300,000
  • Loan terms (years): 5, 7, 10, 12, 15
  • Repayment options: Military deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: All states except for ME
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 24 to 36 months
  • Loan servicer: College Ave Servicing LLC
  • Max. Undergraduate Loan Balance: $100,000 to $149,000
  • Max. Graduate Loan Balance: Less than $300,000
  • Offers Parent PLUS Refinancing: Yes

edvestinu student loan refinance

Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
7.41%+5 7.05%+5 10, 15, 20
  • Fixed APR: 7.41%+5
  • Variable APR: 7.05%+5
  • Min. credit score: 700
  • Loan amount: $7,500 to $200,000
  • Loan terms (years): 5, 10, 15, 20
  • Repayment options: Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and submit two personal references
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: Granite State Management & Resources (GSM&R)
  • Max. Undergraduate Loan Balance: $150,000 to $249,000
  • Max. Graduate Loan Balance: $150,000 to $199,000
  • Offers Parent PLUS Refinancing : Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.83%+3 3.99%+3 5, 7, 10, 12, 15, 20
  • Fixed APR: 4.83%+3
  • Variable APR: 3.99%+3
  • Min. credit score: 680
  • Loan amount: $10,000 to $250,000
  • Loan terms (years): 5, 7, 10, 12, 15, 20
  • Repayment options: Forbearance
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Loan servicer: Mohela
  • Max. Undergraduate Loan Balance: $250,000
  • Max. Graduate Loan Balance: $250,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.61%+4 5.12%+4 5, 10, 15, 20
  • Fixed APR: 5.61%+4
  • Variable APR: 5.12%+4
  • Min. credit score: 670
  • Loan amount: $5,000 to $250,000
  • Loan terms (years): 5, 10, 15, 20
  • Repayment options: Academic deferment, military deferment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be U.S. citizen or permanent resident
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: Yes
  • Max undergraduate loan balance: $250,000
  • Max graduate loan balance: $250,000
  • Offers Parent PLUS refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
4.49%+ 4.38%+ 5, 7, 10, 15
  • Fixed APR: 4.49%+
  • Variable APR: 4.38%+
  • Min. credit score: 700
  • Loan amount: $5,000 to $300,000
  • Loan terms (years): 5, 7, 10, 15
  • Max. undergraduate Loan Balance: $125,000
  • Time to Fund: 10 to 30 days
  • Repayment options: Immediate repayment, forbearance
  • Fees: Late fee
  • Discounts: Autopay
  • Eligibility: Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 12 months
  • Loan servicer: LendKey Technologies Inc.
  • Max. graduate Loan Balance: $175,000
  • Credible Review: LendKey Student Loans review
  • Offers Parent PLUS Refinancing: No


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.1%+ N/A7, 10, 15
  • Fixed APR: 5.1%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $10,000 up to the total amount
  • Loan terms (years): 7, 10, 15
  • Repayment options: Military deferment, loans discharged upon death or disability
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: No
  • Loan servicer: AES
  • Max. Undergraduate Loan Balance: No maximum
  • Max. Gradaute Loan Balance: No maximum
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.49%+ N/A5, 8, 12, 15
  • Fixed APR: 5.49%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $7,500 to $300,000
  • Loan terms (years): 5, 8, 12, 15
  • Repayment options: Does not disclose
  • Fees: None
  • Discounts: None
  • Eligibility: Must be a U.S. citizen and have and at least $7,500 in student loans
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: After 12 months
  • Loan servicer: PenFed
  • Max. Undergraduate Loan Balance: $300,000
  • Max. Graduate Loan Balance: $300,000
  • Offers Parent PLUS Refinancing: Yes


Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
View details
5.29%+ N/A5, 10, 15
  • Fixed APR: 5.29%+
  • Variable APR: N/A
  • Min. credit score: 680
  • Loan amount: $7,500 to $250,000
  • Loan terms (years): 5, 10, 15
  • Repayment options: Academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
  • Customer service: Email, phone
  • Soft credit check: Does not disclose
  • Cosigner release: No
  • Loan servicer: Rhode Island Student Loan Authority
  • Max. Undergraduate Loan Balance: $150,000 - $249,000
  • Max. Graduate Loan Balance: $200,000 - $249,000
  • Offers Parent PLUS Refinancing: Yes
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How to calculate your monthly student loan payment

Your monthly payment will depend on how much you borrowed, your interest rate, and the loan repayment term (how long you take to repay your loan). If you have federal student loans, you can usually enroll in an income-driven repayment plan with monthly payments that are based on a percentage of your income.

what makes up a student loan?

Estimate how long it’ll take to pay off your student loan debt using the calculator below. You can also use the slider to see how increasing your payments can change the payoff date.

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If you increase your payments by $ monthly on your $ loan at %, you will pay $ a month and pay off your loan by Jan 2021.


Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

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To estimate monthly payments in an IDR plan: Use the Department of Education’s repayment estimator.

Check Out: Average Student Loan Interest Rates

Average graduate school student loan payment

  • Standard repayment plan → $723
  • Graduated repayment plan → $824
  • REPAYE → $613

The average grad school debt is $84,300. But that number skews high because it includes costlier professional degrees in fields like law and medicine. So let’s look at what monthly loan payment you might expect if you earned a master’s degree and took on the typical level of debt for that degree ($66,000).

Graduate students not only take on more debt, but typically pay higher interest rates. In addition to $29,000 in federal direct loans for undergraduates at 4.79% interest, let’s say you have $37,000 in federal direct loans at 6.36%. That’s a weighted average of 5.7%.

Repayment planMonthly paymentYears of paymentsTotal repayment cost
Standard $72310 years$86,728
Graduated$412-$1,236
(first, last)
10 years
$92,215
REPAYE$365-$860
(first, last)
15 years, 6 months
$105,885
Refinance grad school loans at 5% $69610 years $83,640
Monthly payments for $29,000 in undergraduate and $37,000 in graduate school debt at weighted average interest rate of 5.7%. REPAYE assumes starting salary of $62,491, the median for younger workers with master's degrees.

If you enroll in the standard repayment plan

If you can afford it, your monthly payments in the standard 10-year repayment plan would be $723.

If you enroll in a graduated repayment plan

In a graduated repayment plan, your monthly payments start at $412, but gradually increase to $1,236. Over the life of your loan, your average monthly payment will be $824.

If you enroll in REPAYE

Your monthly payments in REPAYE are based on your income. If you’re earning $62,491 a year, and your income increases by 5% a year, your monthly payments would start at $365, and gradually increase to $860 a year. Over the life of your loan, your average monthly payment in REPAYE would be $613.

If you refinance

If you refinanced only the high-interest grad school portion of debt into a 10-year loan at 5% interest, your total monthly payment would be $696 — and you’d save $3,000 in interest costs.

If you decide to refinance, it’s a good idea to compare multiple lenders to see what rates you might qualify for. This way, you can find a good deal for your situation. With Credible, you can easily compare your rates from multiple lenders in just two minutes.

Learn More: How to Refinance Graduate Student Loans

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Average law school student loan payment

  • Standard repayment plan → $1,708
  • REPAYE with PSLF → $442
  • REPAYE without PSLF → $1,412
  • Refinance into 10-year loan at 5% → $1,578

The average student loan debt for lawyers is $148,800, with an average interest rate of 6.7%. That translates into payments of $1,708 a month on the standard, 10-year repayment plan.

However, many lawyers — particularly those who hope to qualify for Public Service Loan Forgiveness (PSLF) — enroll in income-driven repayment programs like REPAYE.

Repayment planMonthly paymentYears of paymentsTotal repayment cost
Standard $1,708 10 years
$204,925
REPAYE
(with PSLF)
$327-$557
(first, last)
10 years$52,090
($172,890 forgiven)
REPAYE
(without PSLF)
$851-$1,972
(first, last)
16 years, 11 months
$271,121
Refinance into 10-year loan at 5% $1,578 10 years
$189,391
Average monthly payments for law school debt of $148,800 with a weighted average 6.7% interest rate at graduation. REPAYE with Public Service Loan Service based on starting salary of $58,000. REPAYE without forgiveness assumes starting salary of $120,910.

If you enroll in REPAYE as a public defender

If you begin earning $58,000 as a public defender, your monthly payments in REPAYE will start at $327 and gradually rise to $557 as your salary increases. Over the life of your loan, your payments will average $442 a month, assuming you qualify for more than $170,000 in Public Service Loan Forgiveness.

If you enroll in REPAYE and work in the private sector

If you go for a private-sector job with a starting salary of $120,910 right out of law school, your monthly payments in REPAYE would gradually increase from $851 to $1,972. Your payments would average $1,412 a month over the life of your loan, and you wouldn’t qualify for loan forgiveness.

If you refinance

If you’re able to refinance your law school loans at a lower, 5% interest rate, you can trim $130 from your monthly payment and save $15,534 in total repayment costs compared to the standard 10-year repayment plan.

Learn More: Refinance Law School Debt

Average medical school student loan payment

  • Standard repayment plan → $3,533
  • REPAYE → $2,606 (post-residency)
  • Refinance into 10-year loan at 5% → $2,912 (post-residency)
  • Refinance into a 5-year loan at 4% → $5,057 (post-residency)

With an average medical school debt of $251,600, new doctors must cope with sizable monthly student loan payments. But they typically earn a lot, too, once they have completed their residencies.

If you tried to start paying off your medical school loans right after graduation on the standard 10-year repayment plan, you’d be looking at monthly payments of $2,870. Many doctors can’t afford to do that, and put their loans in forbearance or enroll in an income-driven repayment plan like REPAYE during residency.

Repayment planMonthly paymentYears of paymentTotal repayment cost
Standard
(forbearance during residency)
Residency:
$0

Post-residency:
$3,533
Residency:
3 years

Post-residency:
10 years
$423,921
REPAYE
(income-driven repayment)
Residency:
$311-$358

Post-residency:
$1,602-$3,610
Residency:
3 years

Post-residency:
16 years, 7 months
$499,992
REPAYE
(then refinance after residency into 5-year loan at 4%)
Residency:
$311-$358

Post-residency:
$5,057
Residency:
3 years

Post-residency:
5 years
$315,571
REPAYE
(then refinance after residency into 10-year loan at 5%)
Residency:
$311-$358

Post-residency:
$2,912
Residency:
3 years

Post-residency:
10 years
$361,645
Average monthly payment for $251,600 in medical school debt with a weighted average 6.6% interest rate at graduation. REPAYE estimates based on $56,000 salary during residency, $211,000 after residency.

If you put your loans in forbearance during residency

If you put your loans in forbearance during residency, interest continues to accrue on them. By the time you’ve completed a three-year residency, your loan balance could be approaching $310,000, and your payments in the standard 10-year repayment plan would be $3,533 a month.

If you enroll in REPAYE

If you enroll in REPAYE, you can expect your monthly payments to start at $1,602 after completing your residency and gradually rise to $3,610. Over the life of your loan, your payments after completing residency would average $2,606 a month.

If you refinance

If you’re able to refinance your medical school debt into a 10-year loan with a 5% interest rate, you might trim $621 from your monthly payment and save $62,276 in total repayment costs compared to the standard 10-year repayment plan.

Refinancing into a five-year loan with a 4% interest rate would require making larger payments of $5,057 a month — but give you even bigger savings.

Learn More: Pay Off Medical School Debt

How to lower your monthly student loan payment

The average student loan payment of $393 might not be a problem for graduates who have earned a degree in a high-demand field that puts them in the running for a job with a good salary. But even if you land a job that doesn’t pay well, the good news is that there are many ways to lower your monthly payments.

Here are a few ways to lower your student loan payment:

  • Enroll in an income-driven repayment plan
  • Extend your loan repayment term
  • Refinance or consolidate student loans

Although missing a student loan payment isn’t the end of the world, now is the time to act if you can’t keep up with your payments.

See: More Ways to Lower Your Student Loan Payment

Smart moves to make if you CAN afford your student loan payment

If you have plenty of income left each month after paying your student loans and other bills, that could be a sign that you could save money by paying down your student loans faster.

Here are a few ways to pay off your student loans faster:

  • Accelerate payments on your student loans: You can always make more than the minimum payment without being penalized by your loan servicer.
  • Refinancing your student loans: If you’re paying high interest rates on your loans, refinancing them at lower rates can help you pay them back even faster.

The good news is, Credible’s done the heavy lifting for you. We’ve partnered with top student loan refinancing lenders to make it easy for you to compare rates all in one place. You can compare your prequalified rates from each of these lenders in two minutes — without hurting your credit.

Find out if refinancing is right for you

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders in about 2 minutes
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  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

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About the author
Matt Carter
Matt Carter

Matt Carter is an expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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