Average Time to Repay Student Loans

Report Highlights. The average student borrower takes 20 years to pay off their student loan debt.

  • Some professional graduates take over 45 years to repay student loans.
  • 21% of borrowers see their total student loan debt balance increase in the first 5 years of their loan.
  • The average medical school graduate’s salary is not sufficient to make their student loan payments.

Related reports include Student Loan Debt Statistics | Average Student Loan Debt | Student Loan Debt by State | Average Student Loan Interest Rate | Student Loan Refinancing

Undergraduate Class of 2023 Projected Student Loan Repayment Timelines (4.99% APR, $37,718 Average Debt†)
Monthly
Payment
Ultimate
Cost
Time to Zero Debt

491‡

$45,500

7 yrs, 9 mos

$429

$47,100

9 yrs, 2 mos

$367◊

$49,300

11 yrs, 3 mos

The average debt is based on the federal student loan debt portfolio and does not necessarily reflect the true average debt for 2023 undergraduates.
10% of the typical starting gross income value for recent graduates (Bachelor’s).
10% of the typical starting net income value for recent graduates (Bachelor’s).

Average Student Loan Repayment Timelines

The amount of time it takes for an individual to repay their student loan debt depends on the initial amount borrowed, the loan’s interest rate, and repayment habits, among other factors.

  • 10 years is the ideal timeline for paying off student loan debt according to financial experts and the U.S. Department of Education (ED).
  • In practice, it takes borrowers closer to 20 years to pay off their student loans.
  • 21.1 years was the average length of repayment in a 2013 study of 61,000 respondents.*
  • 45% of student loan borrowers decrease their balance in the first five years of repayment.
  • 21% of student loan borrowers increase their balance in that same period.
  • The average medical school graduate’s salary is not sufficient to make their student loan payments.

*More recent reports claim shorter timelines (~18.5 years), but this comes from a poll of 2,200 borrowers between the ages of 26 to 45.

Bar Graph: Average Student Loan Debt Among Graduates by Institution Type:

Associate's 
Public: 2 yrs, 3 mos
Private Non-Profit: 3 yrs, 1 mo
Private For-Profit: 3 yrs, 3 mos

Bachelor's 
Public: 5 yrs, 4 mos
Private Non-Profit: 5 yrs, 10 mos
Private For-Profit: 7 yrs, 2 mos

Master's 
Public: 8 yrs, 2 mos
Private Non-Profit: 12 yrs, 3 mos
Private For-Profit: 18 yrs, 4 mos

Doctoral
Public: 12 yrs, 8 mos
Private Non-Profit: 13 yrs, 1 mo
Private For-Profit: Repayment is not possible

Professional
Public: 34 yrs, 10 mos
Private Non-Profit: Repayment is not possible
Private For-Profit: Repayment is not possible

Class of 2024 Student Loan Repayment Timelines

Student loan interest rates for 2023-24 are the highest in a decade. At 5.50%, current students may have a harder time paying off their student loan debts within the recommended 10-year timeline. 

  • 5.50% is the 2023-2024 interest rate for Direct Subsidized and Unsubsidized federal student loans to undergraduate borrowers.
  • 4.99% is the 2022-2023 interest rate for Direct Subsidized and Unsubsidized federal student loans to undergraduate borrowers.
  • 10% of income should go toward paying off debts according to federal guidelines.
  • 36% of income is the maximum amount that should go toward paying off debt.
  • $50,680 is the low-end average starting salary for a new graduate with a bachelor’s degree.
  • $75,900 is the high-end starting salary.
  • $74,500 is the average annual salary for a college graduate with a bachelor’s degree.
  • $58,900 is the median salary for new graduates with bachelor’s degrees.
  • 5 to 7+ years is the projected student loan debt repayment period for bachelor’s degree holders who graduate in 2024.
Associate’s Degree Debt Repayment (5.50% APR, $403 Monthly Payment)
Average Debt Ultimate Cost Time to Zero Debt

$10,000

$10,600

2 yrs, 3 mos

$13,400

$14,500

3 yrs, 1 mo

$14,200

$15,500

3 yrs, 3 mos

Associate’s Degree Debt Repayment

Student borrowers with associate’s degrees are significantly less likely to take on student loan debt if they attend public institutions. Private school attendees are actually more likely than their bachelor’s degree-seeking peers to use student loans to pay for school.

  • Just 15.4% of Associate’s degree students who graduated from public institutions use student loans to pay for school.
  • 73.3% of attendees of private, nonprofit schools take on student loan debt.
  • 74.2% of attendees of private, for-profit schools take on student loan debt.
  • $52,300 is the average annual salary for an associate’s degree holder.
  • $48,300 is the median salary for new graduates with associate’s degrees.
  • 2 to 3+ years is the projected student loan debt repayment period for associate’s degree holders who graduate in 2024.
Bachelor’s Degree Debt Repayment (5.50% APR)
Monthly
Payment
Average
Debt
Ultimate
Cost
Time to Zero Debt

$422

$27,000

$32,000

6 yrs, 4 mos

$422

$29,200

$34,200

7yrs, 0 mos

$422

$34,700

$43,700

8 yrs, 8 mos

$491

$27,000

$31,100

5 yrs, 4 mos

$491

$29,200

$34,200

5 yrs, 10 mos

$491

$34,700

$42,100

7 yrs, 2 mos

$621

$27,000

$30,100

4 yrs, 1 mo

$621

$29,200

$33,000

4 yrs, 6 mos

$621

$34,700

$40,200

5 yrs, 5 mos

Graduate Student Loan Debt Repayment Timelines

Graduate and professional students, on average, borrow more for school than undergraduate students. Their income rates tend to be higher, as well.

  • 7.05% is the interest rate for Direct Unsubsidized federal student loans to graduate or professional borrowers.
  • 8.05% 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.
  • $53,470 is the average student debt for a borrower who graduated from a public institution with a Master’s degree.
  • $88,680 is the average debt for master’s degree holders who attended a private, for-profit institution.
  • $106,430 – $183,200 is the range of average debt for doctoral degree holders.
  • $217,830 is the average debt for professional degree holders who attended private, nonprofit institutions.
  • $86,400 is the average salary for a master’s degree holder.
  • $108,200 and $108,300 are the average respective salaries for people with professional and doctoral degrees.
Master’s Graduate Student Loan Repayment ($720 Monthly Payment)
APR % Current
Debt
Ultimate
Cost
Time to Zero Debt

7.05%

$53,500

$70,500

8 yrs, 2 mos

7.05%

$70,600

$105,500

12 yrs, 3 mos

7.05%

$88,700

$158,100

18 yrs, 4 mos

8.05%

$53,500

$74,300

8 yrs, 8 mos

8.05%

$70,600

$115,400

13 yrs, 5 mos

8.05%

$88,700

$188,600

21 yrs, 10 mos

Doctoral Graduate Student Loan Repayment ($903 Monthly Payment)
APR % Current
Debt
Ultimate
Cost
Time to Zero Debt

7.05%

$90,500

$137,000

12 yrs, 8 mos

7.05%

$92,400

$141,600

13 yrs, 1 mo

7.05%

$157,300

NA**

NA

8.05%

$90,500

$150,700

13 yrs, 11 mos

8.05%

$92,400

$156,600

14 yrs, 6 mos

8.05%

$157,300

NA

NA

**The monthly payment does not cover the loan’s principal interest, rendering repayment impossible.

Bar Graph: Average Student Loan Debt Among Graduates by Institution Type

Associate's
Public: $10.0K
Private Non-Profit: $13.4K
Private For-Proft: $14.2K

Bachelor's
Public: $27.0K
Private Non-Profit: $29.2K
Private For-Proft: $34.7K

Master's
Public: $54.5K
Private Non-Profit: $70.6K
Private For-Proft: $88.7K

Doctoral
Public: $90.5K
Private Non-Profit: $92.4K
Private For-Proft: $157.3K

Professional
Public: $140.1K
Private Non-Profit: $217.8K
Private For-Proft: $186.8K

Postgraduate Student Loan Debt Repayment Timelines

When indebted students return to school, they may not be required to make payments on any outstanding student loan debts. This does not mean, however, that these debts stop collecting interest. Students seeking postgraduate work may take out additional loans on top of existing student loan debt.

Professional Graduate Student Loan Repayment ($901 Monthly Payment)
APR % Current
Debt
Ultimate
Cost
Time to Zero Debt

7.05%

$140,100

$376,500

34 yrs, 10 mos

7.05%

$217,800

NA

NA

7.05%

$186,800

NA

NA

8.05%

$140,100

NA

NA

8.05%

$217,800

NA

NA

8.05%

$186,800

NA

NA

Alternative Professional Graduate Student Loan Repayment
Monthly
Payment
% of
Income
APR % Current
Debt
Ultimate
Cost
Time to Zero Debt

$1,803

20%

7.05%

$217,800

$380,800

17 yrs, 8 mos

$2,704

30%

7.05%

$217,800

$295,900

9 yrs, 2 mos

$1,803

20%

7.05%

$186,800

$288,800

13 yrs, 5 mos

$1,803

20%

8.05%

$217,800

$448,500

20 yrs, 9 mos

$2,704

30%

8.05%

$217,800

$314,400

9 yrs, 9 mos

$1,803

20%

8.05%

$186,800

$320,200

14 yrs, 10 mos

 

Medical School Graduate Average Student Loan Repayment (7.05% APR; $257,500 Average Debt)
Salary Monthly
Payment
% of
Income
Total
Cost
Time to Zero Debt

$74,300

$619

10%

NA

NA

$74,300

$1,239

20%

NA

NA

$74,300

$1,858

30%

$533,700

24 yrs, 0 mos

$225,300

$1,878

10%

$524,800

23 yrs, 4 mos

$376,100

$3,134

10%

$352,600

9 yrs, 5 mos

Medical School Graduate Average Student Loan Repayment (8.05% APR)
Salary Monthly
Payment
% of
Income
Total
Cost
Time to Zero Debt

$74,300

$619

10%

NA

NA

$74,300

$1,239

20%

NA

NA

$74,300

$1,858

30%

$737,300

33 yrs, 1 mo

$225,300

$1,878

10%

$708,300

31 yrs, 6 mos

$376,100

$3,134

10%

$375,400

10 yrs, 0 mos

Repayment of Medical and Law School Debt Timelines

The average law school debt is more than four times higher than the average undergraduate student debt. Medical degrees offer a better chance of qualifying for student loan forgiveness if the indebted graduate meets the set of rigid standards to apply.

  • Top-earning doctors can have their student loans paid off in a minimum of 9 years and 5 months.
  • First-year residents do not earn enough to pay their student loan’s principal interest, making repayment impossible. 
  • $257,500 is the average student loan debt for a medical school graduate.
  • $74,300 is a first-year resident’s annual salary.
  • $225,300 is a general physician’s salary.
  • $376,100 is an anesthesiologist’s salary.
  • $189,600 is the average student loan debt for a law school graduate.
  • $65,600 is the average starting salary for a law school graduate.
  • $145,300 is an average salary for an experienced attorney.
  • $195,400 is an average salary for a patent attorney.
Law School Graduate Average Student Loan Repayment (7.05%; $189,600 Average Debt)
Salary Monthly
Payment
% of
Income
Total Cost Years to Zero Debt

$65,600

$547

10%

NA

NA

$65,600

$1,093

20%

NA

NA

$65,600

$1,640

30%

$318,300

16 yrs, 3 mos

$145,300

$1,211

10%

$521,600

35 yrs, 11 mos

$195,400

$1,628

10%

$320,300

16 yrs, 5 mos

Law School Graduate Average Student Loan Repayment (8.05%)

Salary

Monthly Payment

% of Income

Total Cost

Time to Zero Debt

$65,600

$547

10%

NA

NA

$65,600

$1,093

20%

NA

NA

$65,600

$1,640

30%

$366,500

18 yrs, 8 mos

$145,300

$1,211

10%

NA

NA

$145,300

$2,422

20%

$269,800

9 yrs, 4 mos

$195,400

$1,628

10%

$370,100

19 yrs, 0 mos

Private Student Loan Debt Repayment Timelines

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.

  • 4.42% is the lowest known private student loan interest rate, available only to those with excellent credit.
  • 10.22% is the average low-end private student loan interest rate for most student borrowers.
  • 16.62% is the high-end interest rate.
  • Most students owe between $20,000 and $40,000 in student loan debt.
  • 52.6% of indebted borrowers owe $20,000 or less in student loans.
  • 32.0% of indebted student borrowers owe $10,000 or less in federal student loans.
  • 15.2% of borrowers owe less than $5,000.
  • 20.6% of borrowers owe between $10,000 and $20,000 in student loans.
  • 18.2% owe $40,000 to $100,000.
  • 7.6% owe $100,000 or more.
  • 2.2% owe in excess of $200,000.
Private Student Loan Repayment ($74,500 Income)
Monthly
Payment
APR % Average
Debt
Total Cost Time to Zero Debt

$621

4.42%

$15,000

$15,700

2 yrs, 2 mos

$621

4.42%

$30,000

$33,100

4 yrs, 6 mos

$621

4.42%

$60,000

$74,300

10 yrs, 0 mos

$621

10.22%

$15,000

$16,900

2 yrs, 4 mos

$621

10.22%

$30,000

$38,800

5 yrs, 3 mos

$621

10.22%

$60,000

$126,700

17 yrs, 1 mo

$621

16.62%

$15,000

$18,400

2 yrs, 6 mos

$621

16.62%

$30,000

$49,900

6 yrs, 9 mos

$621

16.62%

$60,000

NA

NA

$1,241

16.62%

$60,000

$99,900

6 yrs, 9 mos

Sources

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