Average Student Loan Payment [2021]: Cost per Month

Report Highlights:

The average monthly student loan payment is $393.
It takes student borrowers an average of 20 years, or 240 monthly payments, to repay their student loan debt.
At a 6% interest rate over 20 years, the average student loan accrues $26,000 in interest alone, or 67.1% of the total cost of repayment.

Most of the 43.4 million Americans with student loan debt make regular monthly payments to diminish their debt. The average student loan payment can range widely among individuals of various income and debt levels. Lump sum payments are rare and usually only happen in the event of student loan default. Instead, most borrowers pay off their debts in regular installments.

Average Student Loan Payments

An appropriate monthly payment is based on multiple variables. The indebted student’s income is a significant factor in determining monthly payments. The total debt and interest rate as well as the borrower’s repayment timeline may all affect the dollar amount of their monthly payments.

$393 is the average monthly student loan payment.
10% of income should go toward paying off debts according to federal guidelines; $393 is 10% of $47,160.
36% of income is the maximum amount that should go toward paying off debt according to the same federal guidelines; $393 is 36% of $13,100.
10 years is the ideal timeline for paying off student loan debt according to financial experts.
The mean starting salary for among all new graduates is $55,800, 10% of which is $465.
3% is the rough interest rate on the most commonly used federal student loans.
The average debt per borrower is $36,140; the majority of undergraduate borrowers owe less than $30,000.
The average debt per enrolled student is $30,000. These are the only parameters available for some historical data.

Average Student Loan Payments (3% APR)
Monthly Payment	% of Income	Income	Average Debt	Repayment Term	Ultimate Cost	Number of Payments
$393	10%	$47,160	$40,700	10 years	$47,160	120
$393	10%	$47,160	$30,000	7 yrs, 1 mo	$33,300	85
$465	10%	$55,800	$30,000	5 yrs, 10 mos	$32,800	70
$290	6.2%	$55,800	$30,000	10 years	$34,800	120
$290	7.3%	$47,160	$30,000	10 years	$34,800	120
$465	10%	$55,800	$48,156	10 years	$55,800	120

Class of 2021 Student Loan Payments

Because student loan interest rates are at historic lows, current students may reasonably expect to pay off their student loan debts within the recommended 10-year timeline.

Between $354 and $541 is the ideal monthly payment for a newly graduated Bachelor’s degree holder.
2.75% is the interest rate for Direct Subsidized and Unsubsidized federal student loans to undergraduate borrowers.
Undergraduates of public institutions owe an average of $29,500 per enrolled student.
$42,500 is a low-end starting salary for a new graduate with a Bachelor’s degree.
$73,800 is a high-end salary.
$64,900 is the average annual salary for a recent graduate with a Bachelor’s degree.
$52,000 is the median salary for new graduates with Bachelor’s degrees.

Undergraduate Class of 2021 Student Loan Payments
Monthly Payment	% of Income	Income	Average Debt	Repayment Term	Ultimate Cost	Number of Payments
$354	10%	$42,500	$29,500	7 yrs, 9 mos	$32,800	93
$393	11.1%	$42,500	$29,500	6 yrs, 10 mos	$32,400	83
$393	11.1%	$42,500	$35,000	8 yrs, 4 mos	$39,200	100
$393	11.1%	$42,500	$45,300	11 yrs, 2 mos	$52,700	135
$393	9%	$52,000	$29,500	6 yrs, 10 mos	$32,400	83
$393	7%	$64,900	$29,500	6 yrs, 10 mos	$32,400	83
$433	10%	$52,000	$29,500	6 yrs, 2 mos	$32,100	75
$433	10%	$52,000	$35,000	7 yrs, 6 mos	$38,800	90
$433	10%	$52,000	$45,300	10 yrs	$51,900	105
$541	10%	$64,900	$29,500	4 yrs, 10 mos	$31,500	59
$541	10%	$64,900	$35,000	5 yrs, 10 mos	$37,900	71
$541	10%	$64,900	$45,300	7 yrs, 9 mos	$50,400	94

Associate’s Student Loan Payments

Student borrowers with Associate’s degrees are the most likely to pay off their student loans faster than other degree holders. From a purely financial stand-point, this gives the average Associate’s degree the highest value in terms of cost-benefit ratio.

Just 41% of Associate’s degree holders who graduated from public institutions use student loans to pay for school.
84% of attendees of private, nonprofit schools take on student loan debt.
88% of attendees of private, for-profit schools take on student loan debt.
$46,100 is the average annual salary for a recently graduated Associate’s degree holder.
$33,800 is the low-end average annual salary.
4 to 7+ years is the projected student loan debt repayment period for Associate’s degree holders who graduate in 2021.

Associate’s Student Loan Payments at 10% Income
Monthly Payment	Income	Average Debt	Repayment Term	Ultimate Cost	Number of Payments
$281	$33,800	$17,800	5 yrs, 9 mos	$19,300	67
$281	$33,800	$28,300	9 yrs, 7 mos	$32,200	115
$281	$33,800	$30,100	10 yrs, 3 mos	$34,600	124
$384	$46,100	$17,800	4 yrs, 1 mo	$18,800	49
$384	$46,100	$28,300	6 yrs, 9 mos	$31,000	81
$384	$46,100	$30,100	7 yrs, 3 mos	$33,200	87

Average Payments for Graduate Student Loans

Graduate students logically must make higher monthly payments. For some degrees, this doesn’t just mean paying a higher dollar amount; it may also mean a significant portion of a borrower’s income goes toward repaying student loan debt.

4.3% is the interest rate for Direct Unsubsidized federal student loans to graduate or professional borrowers.
5.3% is the interest rate for Direct PLUS loans, which go to graduate or professional borrowers as well as parents of undergraduates borrowing on their behalf.
$58,300 is the average student debt for a borrower who graduated from a public institution with a Master’s degree.
$96,700 is the average debt for Master’s degree holders who attended a private, for-profit institution.
$77,800 is the average salary for a Master’s degree holder.
$42,000 is the low-end salary for a Master’s degree holder.

Master’s Student Loan Payments
Monthly Payment	% of Income	Income	% APR	Average Debt	Repayment Term	Ultimate Cost	Number of Payments
$350	10%	$42,000	4.3%	$58,300	21 yrs, 2 mos	$88,900	254
$350	10%	$42,000	4.3%	$77,000	36 yrs, 2 mos	$151,900	434
$350	10%	$42,000	4.3%	$96,700	107 yrs, 4 mos	$450,800	1,289
$350	10%	$42,000	5.3%	$58,300	25 yrs, 2 mos	$105,700	302
$350	10%	$42,000	5.3%	$77,000	67 yrs, 5 mos	$283,000	809
$350	10%	$42,000	5.3%	$96,700	NA*	NA	NA
$430	12.3%	$42,000	5.3%	$96,700	94 yrs, 6 mos	$487,500	1,134
$648	10%	$77,800	4.3%	$58,300	9 yrs, 1 mo	$70,500	109
$648	10%	$77,800	4.3%	$96,700	17 yrs, 10 mos	$138,600	214
$648	10%	$77,800	4.3%	$58,300	9 yrs, 7 mos	$74,500	115
$648	10%	$77,800	4.3%	$77,000	12 yrs, 11 mos	$100,500	156
$648	10%	$77,800	5.3%	$77,000	14 yrs, 1 mo	$109,400	169
$648	10%	$77,800	5.3%	$96,700	20 yrs, 4 mos	$158,200	245
$599	17.1%	$42,000	4.3%	$58,300	10 years	$71,800	120
$627	17.9%	$42,000	5.3%	$58,300	10 years	$75,200	120
$791	22.6%	$42,000	4.3%	$77,000	10 years	$94,900	120
$791	12.2%	$77,800	4.3%	$77,000	10 years	$94,900	120
$828	23.7%	$42,000	5.3%	“”	10 years	$99,400	120
$828	12.8%	$77,800	5.3%	$77,000	10 years	$99,400	120
$993	28%	$42,000	4.3%	$96,700	10 years	$119,100	120
$993	15.3%	$77,800	5.3%	$77,000	10 years	$119,100	120
$1,040	29.7%	$42,000	5.3%	$96,700	10 years	$124,800	120
$1,039	16%	$77,800	5.8%	$96,700	10 years	$124,800	120

*It is not possible to pay off this loan at this rate.

Monthly Payments for Professional and Doctorate Degree Holders

The average debt for a graduate from a private, nonprofit institution with a Professional degree is about the same as the average medical school debt.

$101,100 is the average salary for people with Doctorate degrees.
$69,000 is a low-end salary for Doctorate degree holders.
$98,700 is the average debt for a Doctorate degree.
$243,300 is the average debt for Professional degree holders who attended private, nonprofit institutions.
$100,000 is the average annual salary for someone with a Professional degree.
$62,500 is a low-end salary for someone with a Professional degree.

Doctoral Student Loan Payments
Monthly Payment	% of Income	Income	% APR	Average Debt	Repayment Term	Ultimate Cost	Number of Payments
$575	10%	$69,000	4.3%	$98,700	22 yrs, 3 mos	$153,500	267
$575	10%	$69,000	4.3%	$100,700	23 yrs, 0 mos	$158,800	277
$575	10%	$69,000	4.3%	$171,400	NA	NA	NA
$575	10%	$69,000	5.3%	$98,700	26 yrs, 10 mos	$185,200	322
$575	10%	$69,000	5.3%	$100,700	28 yrs, 1 mo	$193,800	337
$575	10%	$69,000	5.3%	$171,400	NA	NA	NA
$623	10.8%	$69,000	4.3%	$171,400	99 yrs, 2 mos	$741,600	1,191
$761	13.2%	$69,000	5.3%	$171,400	99 yrs, 4 mos	$907,000	1,192
$843	10%	$101,100	4.3%	$98,700	12 yrs, 8 mos	$128,200	152
$843	10%	$101,100	4.3%	$100,700	13 yrs, 0 mos	$131,700	156
$843	10%	$101,100	4.3%	$171,400	30 yrs, 5 mos	$307,300	365
$843	10%	$101,100	5.3%	$98,700	13 yrs, 9 mos	$139,300	165
$843	10%	$101,100	5.3%	$100,700	14 yrs, 2 mos	$143,400	170
$843	10%	$101,100	5.3%	$171,400	43 yrs, 2 mos	$436,700	518
$1,014	12.0%	$101,100	4.3%	$98,700	10 years	$121,600	120
$1,014	17.6%	$69,000	4.3%	$98,700	10 years	$121,600	120
$1,034	18.0%	$69,000	4.3%	$100,700	10 years	$124,100	120
$1,034	12.3%	$101,100	4.3%	$100,700	10 years	$124,100	120
$1,061	18.5%	$69,000	5.3%	$98,700	10 years	$127,400	120
$1,061	12.6%	$101,100	5.3%	$98,700	10 years	$127,400	120
$1,083	18.8%	$69,000	5.3%	$100,700	10 years	$129,900	120
$1,083	12.9%	$101,100	5.3%	$100,700	10 years	$129,900	120
$1,760	30.6%	$69,000	4.3%	$171,400	10 years	$211,200	120
$1,760	20.9%	$101,100	4.3%	$171,400	10 years	$211,200	120
$1,844	32.1%	$69,000	5.3%	$171,400	10 years	$221,200	120
$1,844	21.9%	$101,100	5.3%	$171,400	10 years	$221,200	120

Professional Student Loan Payments
Monthly Payment	% of Income	Income	% APR	Average Debt	Repayment Term	Ultimate Cost	Number of Payments
$521	10%	$62,500	4.3%	$152,600	NA	NA	NA
$555	11%	$62,500	4.3%	$152,600	71 yrs, 11 mos	$494,300	863
$1,567	30%	$62,500	4.3%	$152,600	10 years	$188,000	120
$880	17%	$62,500	4.3%	$237,400	79 yrs, 3 mos	$836,900	951
$1,875	36%	$62,500	4.3%	$237,400	14 yrs, 1 mo	$316,900	169
$2,438	48.7%	$62,500	4.3%	$237,400	10 years	$292,500	120
$800	15.4%	$62,500	4.3%	$203,600	56 yrs, 7 mos	$543,500	680
$1,875	36%	$62,500	4.3%	$203,600	11 yrs, 6 mos	$258,300	138
$2,091	40.1%	$62,500	4.3%	$203,600	10 years	$250,900	120
$700	13.4%	$62,500	5.3%	$152,600	62 yrs, 3 mos	$523,000	747
$1,641	31.5%	$62,500	5.3%	$152,600	10 years	$196,900	120
$1,060	20.4%	$62,500	5.3%	$237,400	85 yrs, 7 mos	$1,088,400	1,027
$1,875	36%	$62,500	5.3%	$237,400	15 yrs, 6 mos	$348,500	186
$2,553	49.0%	$62,500	5.3%	$237,400	10 years	$306,400	120
$1,000	19.2%	$62,500	5.3%	$203,600	43 yrs, 5 mos	$520,800	521
$1,875	36%	$62,500	5.3%	$203,600	12 yrs, 4 mos	$277,900	148
$2,189	42%	$62,500	5.3%	$203,600	10 years	$262,700	120
$833	10%	$100,000	4.3%	$152,600	24 yrs, 11 mos	$248,800	299
$1,567	18.8%	$100,000	%	$152,600	10 years	$188,022	120
$833	10%	$100,000	4.3%	$237,400	yrs, mos	$
$833	10%	$100,000	4.3%	$237,400	NA	NA	NA
$900	10.8%	$100,000	4.3%	$237,400	67 yrs, 8 mos	$730,700	812
$2,438	29.3%	$100,000	4.3%	$237,400	10 years	$292,500	120
$833	10%	$100,000	4.3%	$203,600	48 yrs, 7 mos	$485,800	583
$2,091	25.1%	$100,000	4.3%	$203,600	10 years	$250,900	120
$833	10%	$100,000	5.3%	$152,600	31 yrs, 4 mos	$313,000	376
$1,641	19.7%	$100,000	5.3%	$152,600	10 years	$192,900	120
$833	10%	$100,000	5.3%	$237,400	NA	NA	NA
$1,100	13.2%	$100,000	5.3%	$237,400	57 yrs, 11 mos	$764,200	695
$2,553	30.6%	$100,000	5.3%	$237,400	10 years	$306,400	120
$833	10%	$100,000	5.3%	$203,600	NA	NA	NA
$1,000	12.0%	$100,000	5.3%	$203,600	43 yrs, 5 mos	$520,800	521
$2,189	26.3%	$100,000	5.3%	$203,600	10 years	$262,700	120

Payments for Medical and Law School Debt

Among professional degree holders, medical and law degrees are among the most commonly sought. They are also among the most expensive. The average law school debt is more than four times higher than the average undergraduate student debt but still only two-thirds of the average medical school debt. Further, the average starting salary for a new law school graduate is 15% lower than the average salary for someone with a bachelor’s degree.

$160,000 is the average student loan debt for a law school graduate.
$55,200 is the average starting salary for a law school graduate.
$127,000 is an average salary for an experienced attorney.
$188,000 is an average salary for a patent attorney.
$241,600 is the average student loan debt for a medical school graduate.
$63,200 is a first-year resident’s annual salary.
$174,000 is a general physician’s salary.
$400,000 is an anesthesiologist’s salary.

Law School Monthly Student Loan Payments ($160,000 Average Debt)
Monthly Payment	% of Income	Income	% APR	Repayment Term	Ultimate Cost	Number of Payments
$460	10%	$55,200	4.3%	NA	NA	NA
$650	14.1%	$55,200	4.3%	49 yrs, 10 mos	$388,400	598
$1,643	35.7%	$55,200	4.3%	10 years	$197,100	120
$1,058	10%	$127,000	4.3%	18 yrs, 2 mos	$230,900	218
$1,643	15.5%	$127,000	4.3%	10 years	$197,100	120
$1,567	10%	$188,000	4.3%	10 yrs, 7 mos	$199,600	127
$750	16.3%	$55,200	5.3%	53 yrs, 11 mos	$485,200	647
$1,656	36%	$55,200	5.3%	10 yrs, 6 mos	$209,100	126
$1,721	37.4%	$55,200	5.3%	10 years	$206,500	120
$1,058	10%	$127,000	5.3%	20 yrs, 10 mos	$264,700	250
$1,721	16.3%	$127,000	5.3%	10 years	$206,500	120
$1,567	10%	$188,000	5.3%	11 yrs, 4 mos	$213,200	136
$1,721	11%	$188,000	5.3%	10 years	$206,500	120

Medical School Monthly Student Loan Payments ($241,600 Average Debt)
Monthly Payment	% of Income	Income	% APR	Repayment Term	Ultimate Cost	Number of Payments
$527	10%	$63,200	4.3%	NA	NA	NA
$1000	19%	$63,200	4.3%	46 yrs, 9 mos	$561,400	561
$2,481	47.1%	$63,200	4.3%	10	$297,700	120
$1,450	10%	$174,000	4.3%	21 yrs, 2 mos	$368,500	254
$2,481	17.1%	$174,000	4.3%	10 years	$297,700	120
$3,330	10%	$400,000	4.3%	7 yrs, 0 mos	$280,300	84
$527	10%	$63,200	5.3%	NA	NA	NA
$1,100	20.9%	$63,200	5.3%	66 yrs, 4 mos	$875,800	796
$2,598	49.3%	$63,200	5.3%	10 years	$311,800	120
$1,450	10%	$174,000	5.3%	25 yrs, 2 mos	$438,100	302
$2,598	17.9%	$174,00	5.3%	10 years	$311,800	120
$3,330	10%	$400,000	5.3%	7 yrs, 4 mos	$291,900	88

Private Student Loan Payments

Private student loans, for the most part, come from academic institutions as well as banks and credit unions. The total amount of private student loan debt is difficult to track because little of the related data is a matter of public record.

1.2% is the lowest known private student loan interest rate, available only to those with excellent credit.
3.82% is the low-end private student loan interest rate for most student borrowers.
14.5% is the high-end interest rate.
Most students owe between $20,000 and $40,000 in student loan debt.
56% of indebted borrowers owe $20,000 or less in student loan
34.3% of indebted student borrowers owe $10,000 or less in federal student loans.
17.1% of borrowers owe less than $5,000.
21.4% of borrowers owe between $10,000 and $20,000 in student loans.
18.4% owe $40,000 to $100,000.
7.4% owe $100,000 or more.
2% owe in excess of $200,000.

Monthly Private Student Loan Payments ($64,900 Average Income)
Monthly Payment	% of Income	% APR	Average Debt	Repayment Term	Ultimate Cost	Number of Payments
$541	10%	1.2%	$15,000	2 yrs, 4 mos	$15,200	28
$541	10%	1.2%	$30,000	4 yrs, 9 mos	$30,900	57
$541	10%	1.2%	$60,000	9 yrs, 10 mos	$63,600	118
$541	10%	3.82%	$15,000	2 yrs, 5 mos	$15,700	29
$541	10%	3.82%	$30,000	5 years, 1 mos	$33,100	61
$541	10%	3.82%	$60,000	11 yrs, 5 mos	$74,100	137
$602	11.1%	3.82%	$60,000	10 years	$72,300	120
$541	10%	14.5%	$15,000	2 yrs, 10 mos	$18,400	34
$541	10%	14.5%	$30,000	7 yrs, 8 mos	$49,900	92
$541	10%	14.5%	$60,000	NA	NA	NA
$730	13.5%	14.5%	$60,000	34 yrs, 7 mos	$302,900	415
$950	17.6%	14.5%	$60,000	10 years	$114,000	120