What Is The Average Student Loan Monthly Payment For US Borrowers?
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Our newest student loan repayment plan, the Saving on a Valuable Education (SAVE) Plan, calculates your monthly payment based on your income and family size.​​ Get an estimate of your monthly payment and payoff amount under different repayment plans using our Loan Simulator: StudentAid.gov/loan-simulator/ | Federal Student Aid
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The average student loan debt per borrower is almost $40,000. At the average interest rate of 5.5%, this amounts to a payment of about $393 a month. If a four-year degree is truly the only way and the best way to do what you want to do in your career, then college is probably the right next step. But too many students are choosing college for the wrong reasons. | George Kamel
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The average student loan debt per borrower is nearly $40,000. With an average interest rate of 5.5%, that works out to about $393 a month. And here’s the kicker: it typically takes borrowers 17 to 23 years to pay off those loans. Now, let’s do the math that really stings. Paying $393 a month for 20 years adds up to over $94,000 — on a loan that started at just $40,000 when you graduated. | George Kamel
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