When borrowing for college, it\u2019s important to figure out what your average student loan payment will be after graduation. That way, you\u2019ll know what to factor in and won\u2019t break your budget.<\/p>\n
The overall average student loan payment is $393, but yours could be quite different \u2014 especially depending on your degree. But don\u2019t worry, we\u2019re here to help you figure all that out.<\/p>\n
Here are average student loan payments depending on your degree: <\/b><\/p>\n <\/a><\/p>\n The average student loan debt<\/a> for recent graduates with a bachelor\u2019s degree is $29,000. Let\u2019s say you\u2019re paying the average student loan interest rate of 4.53% for undergrads and enroll in the standard 10-year repayment plan<\/a>, your monthly payments will be $305.<\/p>\n\n\n
Average undergrad student loan payment<\/h2>\n
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\n\t Repayment plan<\/strong><\/th> Monthly payment<\/strong><\/th> Years of payments<\/strong><\/th> Total repayment cost<\/strong><\/th>\n<\/tr>\n<\/thead>\n\n \n\t Standard 10-year repayment plan<\/td> $305<\/td> 10 years
\n<\/td>$36,555<\/td>\n<\/tr>\n \n\t Graduated<\/td> $172-$516
\n(first, last)<\/small><\/td>10 years<\/td> $38,487<\/td>\n<\/tr>\n \n\t REPAYE <\/td> $308-$469
\n(first, last)<\/small><\/td>7 years, 9 months<\/td> $35,236<\/td>\n<\/tr>\n \n\t 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<\/a><\/i><\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n