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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 plan | Monthly payment | Years of payments | Total repayment cost |
|---|---|---|---|
| Standard 10-year repayment plan | $305 | 10 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.
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan terms (years) |
|---|---|---|---|
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.
| 3.99%+ | 4.31%+ | 5, 7, 10, 15, 20 |
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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.
| 5.74%+1 | 5.98%+1 | 5, 7, 10, 15, 20 |
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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.
| 6.99%+2 | 6.99%+2 | 5, 7, 10, 12, 15 |
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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.
| 5.4%+5 | 5.22%+5 | 5, 10, 15, 20 |
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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.
| 4.88%+3 | 4.86%+3 | 5, 7, 10, 15, 20 |
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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.
| 5.54%+4 | 7.51%+4 | 5, 10, 15, 20 |
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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.
| 4.54%+ | 4.53%+ | 5, 7, 10, 15 |
|
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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.
| 6.2%+ | N/A | 7, 10, 15 |
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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.
| 3.99%+ | N/A | 5, 10, 15 |
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| Compare personalized rates from multiple lenders without affecting your credit score. 100% free! |
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures | 8Nelnet Bank Disclosures |
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If you’re wondering how competitive your loan is, the loan score tool below can help. Just enter your APR, credit score, monthly payment, and remaining balance (estimates are fine) to see how your loan stacks up.
Learn more: Fear of student loan debt shouldn’t keep you from pursuing education
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.
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.
Enter loan information
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.
Checking rates won’t affect your credit score.
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 plan | Monthly payment | Years of payments | Total repayment cost |
|---|---|---|---|
| Standard | $723 | 10 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% | $696 | 10 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
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 plan | Monthly payment | Years of payments | Total 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 plan | Monthly payment | Years of payment | Total 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.
See Your Refinancing Options
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