Average Monthly Student Loan Payment
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The average federal student loan payment on a standard 10-year repayment plan is about $336 per month for bachelor’s and $231 for associate degree-completers.[1],[2]- The average monthly repayment for master’s degree-holders is about $842.Note Reference [1],[3]
- Bachelor’s degree-holders from for-profit colleges have higher average student loan payments — over $140 more — than graduates of public colleges.Note Reference [1],Note Reference [2]
- Monthly payments on private student loans vary by borrower and depend on the interest rate and loan term.
- Income-driven repayment (IDR) plans are available to federal student loan borrowers. They require monthly payments based on a borrower’s income.
Nearly 1 in 3 U.S. adults have taken out a student loan at some point in their lives.[4] If you’re considering your options for paying for college, you should know your loan details, including what and when you’re expected to pay.
This report covers average student loan payments for recent college grads for different school types, loan types, and degrees.
Average Monthly Student Loan Payment
The average student loan payment varies across factors, including:
- Degree
- School type
- Loan type — federal or private
- Repayment plan
Average Student Loan Payment for Bachelor’s, Masters, and More
The average monthly student loan payment for borrowers who recently completed any undergraduate program — such as a bachelor’s, associate, or undergraduate certificate — is $289.Note Reference [1],Note Reference [2]
Graduate programs tend to cost more. So, on average, grad student borrowers take out higher loan amounts and have higher monthly payments over the standard loan term.
In the table below, the average debt for graduate degrees only includes debt incurred for that degree. It does not include other debt students may have carried over from their undergraduate studies.
| Program Type | Average Debt at Graduation (Federal Loans Only) | Average Monthly Student Loan Payment on Standard Repayment Plan |
|---|---|---|
| Associate | $20,340 | $231 |
| Bachelor’s | $29,550 | $336 |
| Master’s | $69,140 | $842 |
| MBA | $66,740 | $813 |
| Doctorate | $72,560 | $883 |
| Law Degree (JD) | $140,870 | $1,715 |
| Medicine Degree (MD or DO) | $199,220 | $2,426 |
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Average Student Loan Payment: Public vs. Private College
Bachelor’s degree-holders from private for-profit colleges tend to have higher federal student loan payments than those from public or private nonprofit schools. On average, they pay $145 more per month than graduates of public colleges.
| Institution Type | Average Federal Student Loan Debt at Graduation | Average Student Loan Payment on Standard Repayment Plan |
|---|---|---|
| Public | $27,250 | $310 |
| Private Nonprofit | $31,130 | $354 |
| Private For-Profit | $40,470 | $460 |
Behind the Numbers
To calculate average student loan payments, we started with borrowers’ average federal student debt at graduation in 2022-2023 dollars. We do not use the average student loan debt for all borrowers, which includes people who have repaid much of their debt and those whose debt has grown.
We assumed a standard 10-year termNote Reference [4] and applied the current federal interest rates — 6.53% for undergraduate student loans and 8.08% for graduate student loans.[5]
Private Student Loan Payments
Private student loans may have different interest rates and terms than federal loans. They frequently do not have a grace period while you’re in school. In addition, private lenders don’t report average student loan amounts to the government, so the data is harder to come by.
We applied a typical range for fixed interest rates across a few different loan amounts and terms. Typically, longer loan terms mean higher interest. Below, see how interest rates impact monthly payments. Keep in mind that payment amounts can change monthly for loans with variable interest rates.
Student Loan Payments for Income-Driven Repayment Plans
The government has offered four IDR plans to anyone struggling to make student loan payments. In IDR plans, you pay a percentage of your discretionary income — what you earn over a threshold set by the government.
IDR loan terms are longer, lasting 20-25 years. Borrowers typically have monthly payments totaling 10-20% of their discretionary income — even if that payment is $0.
UPDATE: The Department of Education removed the online application for all IDR plans on Feb. 21, 2025. The department cited a decision from the 8th U.S. Circuit Court of Appeals as the reason for pulling the application. The application became available again at the end of March.
The department placed borrowers enrolled in the Saving on a Valuable Education (SAVE) repayment plan into administrative forbearance in summer 2024 due to an earlier court decision. During forbearance, borrowers don’t need to make student loan payments and interest will not accrue on that debt.
Average Monthly Student Loan Repayment in Prior Years
The graph below depicts monthly student loan payments based on the average federal loan amount awarded to undergraduate students each year from 2007-2021.
Trends in the average monthly student loan payment reflect interest rates for federal student loans: When interest rates are higher, the typical monthly payment is higher.
Frequently Asked Questions About the Average Student Loan Payment
Your monthly student loan payment depends on different factors:
- Interest Rate: Federal student loan interest rates for new loans change yearly, and private interest rates vary for everyone.
- Loan Term: Most federal student loans have 10-year terms. Private loan terms vary.
- Your Income: If you enroll in an IDR plan, you pay a certain percentage of your discretionary income toward your student debt over a longer term.