What Is the Average Student Loan Payment for Federal and Private Loans?

Student loan payments can take up a big part of your budget, but there’s no standard amount most borrowers can expect to pay each month. What you owe depends on factors like your balance, interest rate, repayment plan, and sometimes even your income.

We’ll explain what typical federal and private loan payments look like, help you estimate your own costs, and share ways to make your monthly bill more manageable.

Average federal student loan payment

The amount federal borrowers pay each month depends heavily on their loan balance, interest rate, and repayment plan.

The average federal student loan balance in August 2025 was $39,075, according to the Education Data Initiative, which compiles data from the Federal Student Aid office and official Department of Education releases. Federal student loans for undergraduates in the 2025-26 school year have a fixed interest rate of 6.39%.

Using those numbers with a standard 10-year repayment schedule, you’ll find the monthly payment would be roughly $442. Borrowers with smaller balances will pay less, while those with higher balances or graduate loans may pay significantly more. This estimate illustrates what a balance might look like under the standard plan, but it represents only one scenario.

Many people aren’t enrolled in the standard plan. Millions of federal borrowers use income-driven repayment, which sets payments based on earnings and family size. That can lower monthly payments substantially, and in some cases reduce them to zero. The wide range of repayment options means there isn’t a single number that defines what most borrowers actually pay each month on their federal student loans.

Average private student loan payment

Private student loan payments vary even more than federal loans because they depend on your credit profile, the lender, and the repayment term you choose. Unlike federal loans, private loans don’t have income-driven repayment options, so your monthly bill is shaped almost entirely by your balance and interest rate.

For example, as of late September 2025, lenders on the Credible platform offered fixed-rate APRs from 2.85% to 17.99% on the low and high ends for private student loans. Repayment terms also vary widely, from as few as five to as many as 20 years.

You can use a student loan calculator to estimate monthly payments for fixed-rate loans based on different rates and repayment terms. However, some lenders also offer variable-rate loans, meaning the interest rate can change during the repayment term, making future monthly payment amounts uncertain if you choose a variable rate.

Because private loan rates and terms vary so widely, there isn’t a reliable “average” monthly payment that reflects what most borrowers might expect to pay. Those with strong credit and longer repayment terms may have more manageable monthly costs, while those with shorter terms or higher interest rates may pay significantly more. Refinancing student loans to a lower rate, if you qualify, is one of the few ways to reduce private loan payments.

Estimating how much you’ll pay 

If you plan on borrowing money for college, knowing the average student loan payment can be helpful, but what’s more important is making sure your loans are going to be affordable for you.

To estimate how much you'll pay monthly on student loans, start by taking the following things into account:

• Your school’s cost of attendance: Schools publish their estimated cost of attendance, and you are allowed to borrow up to that amount using a combination of federal and private student loans. See how much your school costs, subtract any savings, scholarships, or grants you'll receive, and the amount left over is the amount you'll borrow. The more loans you must take out, the more expensive the repayment will be.
• Type of degree program: Some degrees take longer to earn than others, for example, medical or law degrees. Consider what degree you're trying to earn and the number of years you'll be in school so you can better estimate the total amount you'll need to borrow. 
• Type of student loans: Federal student loans have low fixed interest rates. Private student loans could have fixed or variable rates, and the rate you'll pay depends on your credit score, income, and other financial credentials. There are limits on how much federal aid you're entitled to. Your financial aid package from your school will tell you what sources of funding are available, so you can see if you need to supplement federal aid with private student loans. 
• Your repayment terms: Finally, your repayment terms, including interest rate and repayment timeline, will affect how much you pay monthly. The higher the rate and the longer the payoff time, the more expensive your monthly payment will be. 

You can use an online student loan calculator to input potential loan details, allowing you to estimate monthly payments and total costs over time. 

Check Out: How To Take Out a Student Loan

How to lower your monthly payment 

Whether you have federal or private student loans, you have options to lower your monthly payment if repaying the debt becomes a struggle.

If you have federal loans, you can often reduce your monthly payment by changing your payment plan. Income-driven plans cap payments at a percentage of income, and in some cases, your payment could be as low as $0 a month. Depending on your plan, any balance that remains after 20 or 25 years of repayment could be forgiven. 

The Department of Education also offers options to pause payments temporarily through either deferment or forbearance. This can bring your payment down to $0 on a temporary basis until you're able to get into a better situation to pay. Just remember that interest generally accrues still.

If you have private student loans, you may also be able to refinance to lower your monthly payment. With a good credit score, you can potentially secure a lower interest rate that could significantly reduce the total amount you pay over the life of your loan. 

Just remember to avoid refinancing your federal loans if you don’t want to lose access to benefits like income-driven repayment and forgiveness programs.