Average Student Loan Payment [2026]: Cost per Month

Report Highlights. The average monthly student loan payment is approximately $434 based on the average student debt, starting salaries among new graduates, and multi-year repayment trends.

$390 is the average federal student loan payment.
Outstanding federal student loan debt per borrower is $39,547.
The average borrower takes 20 years to repay their student loan debt.
In 2005, the average student loan payment was $227; adjusted for inflation, this is equivalent to $376 in 2025 dollars.
52.1% of indebted borrowers owe $20,000 or less in federal student loans.

Bar graph: Average Monthly Student Loan Payments by Degree according to the U.S. Bureau of Labor Statistics, the Department of Education, and the Federla Reserve

Student Loan Payment Variables

An appropriate monthly payment is based on multiple determinants, including income, total debt, interest rate, and repayment timeline.

The most commonly used federal student loans have a 6.39% interest rate as for AY 2025-26.
Borrowers must make a minimum monthly payment of $446.83 in order to repay the current average federal student loan debt balance at 6.39% in 10 years.
43.8% of federal student borrowers are on the standard 10-year (or less) plan with fixed payments.
The average student loan debt repaid in 10 years at 6.39% would ultimately cost $53,620.55 total ($39,546.73 principal plus $14,073.55 interest).
The average federal student loan borrower made payments equivalent to 9.39% of the average starting salary among new graduates.
9.39% of the average starting monthly salary for new graduates with bachelor’s degrees is $514.
According to the oft-cited 50-20-30 rule for personal finance, 20% of one’s gross income (GI) should go toward paying off all debts.
36% of one’s income is the maximum amount that should go toward paying off debts according to the 28/36 rule of finance.

Federal Student Loan Repayment Scenarios ($434 Monthly Payment, 6.39% APR)
Current Debt	Repayment Ends	Interest Paid
$20,000	4 yrs and 6 mos	$3,009
$30,000	7 yrs and 3 mos	$3,009
$40,000	10 yrs and 8 mos	$15,151
$50,000	14 yrs and 11 mos	$27,680
$75,000	39 yrs and 9 mos	$131,624

Average Student Loan Payment History

After adjusting for inflation, the average student loan payment increased 42.7% between 2005 and 2025.

In 2005, the average student loan payment was $227; adjusted for inflation, this is equivalent to $376 in 2024 dollars.
In 2016, the average federal student borrower’s loan payment was $393, (equal to 9.39% of the average starting salary among new college* graduates at the time.
Adjusted for inflation, the 2016 average student loan payment was equivalent to $523 in 2024 dollars.
An average monthly student loan payment of $523 is equivalent to 10% of a $62,760 annual GI.
A $523 monthly payment is equivalent to 36% of a $17,433 annual GI.

*Students with bachelor’s degrees.

Line graph: Federal Student Loan Interest Rates according to the U.S. Department of Education

Undergraduate Federal Loan Payments

The standard loan repayment plan offered by the U.S. Department of Education has a 10-year timeline, which impacts the monthly loan payment for (most) federal borrowers.

The most commonly used federal student loans have a 6.39% interest rate as for AY 2025-26.
4.85% was the average interest rate for undergraduate federal loans for academic years 2005-06 to AY2025-26.
Repaying the average federal loan debt ($39,547) in 10 years at 6.39% would require an average monthly payment of $449.65.
The majority of student borrowers (52.4%) owe $20,000 or less.
To repay a $20,000 student loan in 10 years at 6.39%, borrowers must make a monthly payment of no less than $227.40.
15.9% of federal student loan borrowers owe less than $5,000.
16.11% of federal student borrowers owe between $5,000 and $10,000.
20.1% of federal borrowers owe between $10,000 and $20,000 in student loans, and 21.4% owe $20,000 to $40,000 in federal student loans.
18.1% of federal borrowers owe between $40,000 and $100,000 in student loans.
5.74% of federal borrowers owe between $100,000 and $200,000, and 2.65% owe in excess of $200,000.

10-Year Federal Student Loan Repayment Scenarios, 6.39% APR
Current Debt	Monthly Payment	Total Interest Paid
$20,000	$226	$7,117
$30,000	$339	$10,676
$40,000	$452	$14,235
$50,000	$565	$17,793
$60,000	$678	$21,352
$70,000	$791	$24,911
$80,000	$904	$28,470
$90,000	$1,017	$32,028
$100,000	$1,130	$35,587
$150,000	$1,695	$53,380
$200,000	$2,260	$71,174

Bachelor’s Federal Loan Payments

While a bachelor’s degree may increase earning potential, student loan debt and interest rates can still create financial challenges for borrowers.

For bachelor’s degrees, the average federal student loan payment is roughly $300; including nonfederal loans, the average payment is roughly $368.
Among workers over the age of 25 with bachelor’s degrees, $84,177 is the median annual salary.
The average starting salary among new graduates with bachelor’s degrees is $65,677.
$101,661 is the average salary for a new graduate with a Bachelor of Computer Science, representing the high-end salary for that degree level.
Among bachelor’s degree holders, $38,454 is the average total student loan debt.
Federal student loan borrowers owe an average of $31,974 for a bachelor’s degree; nonfederal loan debt averages $31,066.
$29,490 is the average federal student loan debt for a borrower who graduated from a public institution with a bachelor’s degree.
$33,689 is the average debt for a federal student borrower who graduated from a private, nonprofit institution with a bachelor’s degree; students of private for-profits owe $43,800 on average.

20-Year Federal Loan Repayment Scenarios, 6.39% APR
Current Debt	Monthly Payment	Total Interest Paid
$20,000	$148	$15,477
$40,000	$296	$30,955
$60,000	$443	$46,432
$75,000	$554	$58,040
$100,000	$739	$77,387
$150,000	$1,109	$116,080
$200,000	$1,478	$154,773

Associate Average Loan Payment

Student borrowers with associate degrees tend to pay off their student loans faster than borrowers with more advanced degrees.

For associate degrees, the average federal student loan payment is an estimated $190.
$59,955 is the median annual salary among workers over the age of 25 with associate degrees.
Among associate degree holders, $23,854 is the average total student loan debt.
Federal student loan borrowers owe an average of $22,014 for an associate degree; nonfederal loan debt averages $14,915.
$19,517 is the average student loan debt for a borrower who graduated from a public institution with an associate degree.

Federal Loan Repayment Scenarios, (6.39% APR, 10-year Repayment, 10% of Gross Income)
Initial Loan	Monthly Payment	Annual Income
$22,014	$249	$29,848
$31,974	$361	$43,352
$43,800	$495	$59,387
$48,412	$547	$65,677
$62,041	$701	$84,177
$74,963	$847	$101,661

Federal Graduate Loan Payments

More education often translates to greater student loan debt. This can temper higher earning potential if a significant portion of income must go toward repaying student debt.

7.94% is the interest rate for Direct Unsubsidized federal student loans to graduate or professional borrowers.
8.94% 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.
48% of graduate students use federal or private loans, and 54% have or had loans from both undergraduate and graduate school.

Federal Direct Unsubsidized Student Loan 10-Year Repayment Scenarios, 7.94% APR
Current Debt	Monthly Payment	Interest Paid
$40,000	$484	$18,085
$60,000	$726	$27,128
$80,000	$968	$36,170
$100,000	$1,210	$45,213
$150,000	$1,815	$67,819
$200,000	$2,420	$90,426

Master’s Loan Payments

Student borrowers with master’s degrees who make an average salary are more likely to be able to pay 10% of their salary to pay off their loans than students with other graduate degrees.

For master’s degrees, the average student loan** payment is estimated to be $640; with undergraduate loans included, an average monthly loan payment would be $925.
$100,380 is the median salary for a master’s degree holder.
$94,212 is the starting salary for the average new graduate with a Master of Computer Science, representing the high-end salary for that degree level.
The projected average starting salary among new graduates with Masters of Business degrees is $86,563.
Among master’s degree holders, $87,172 is the average total student loan debt.
The average student loan debt for graduate school alone is $67,982 among master’s students.
$97,397 is the average total student loan debt associated with public master’s programs.
$73,845 is the average student debt among borrowers who graduated from private, nonprofit master’s programs.
For a Master of Business Administration (MBA), the average debt is $65,372; $84,146 is the average total student debt among MBA graduates.

**Includes federal and private student loans for graduate school only and assumes a 10-year repayment period.

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.

3.39% is the low-end private student loan interest rate for most student borrowers.
17.99% is the high-end interest rate for private student loans.
The total amount of student loan debt for private student loans is $50.9 billion.