How Much Will My Student Loan Payments Be?
Average student loan debt is around $35,000. But the type of loan, interest rate, and other factors will determine how much they'll actually cost. See an estimate of how much you can expect to pay each month.
Standard Repayment Plan
Standard repayment plans cover a range of student loan scenarios, such as federal student loans, unsubsidized graduate loans, and Direct PLUS loans.
However, these plans all start with a minimum payment of $50.00 and a 120month (10year) repayment period.
Keep reading to see just how much you'll pay.
Federal Direct Student Loan
The average interest rate federal Direct student loan is 4.5%. At 4.5% interest, here's how much you'll pay for:
Loan Amount  Repayment Plan  Average Monthly Payment 

$30,000  10 Years  $311 
$60,000  10 Years  $622 
$70,000  10 Years  $725 
$100,000  10 Years  $1,036 
$17,056 in interest with a 4.5% rate
$20,125 in interest with a 5.25% rate
That's $3,069 more in interest alone over the life of the loan.
UNSUBSIDIZED GRADUATE STUDENT LOAN
An unsubsidized loan begins to accrue interest the day the loan is made. This means interest is charged during all phases of the student loan, including inschool periods and grace periods, as well as during deferment and forbearance periods.
The average interest rate is 6.0% for an unsubsidized graduate student loan. At 6.0% interest, here's how much you'll pay for:
Loan Amount  Repayment Plan  Average Monthly Payment 

$30,000  10 Years  $333 
$60,000  10 Years  $666 
$70,000  10 Years  $777 
$100,000  10 Years  $1,110 
The principal balance on loan is $30,000
The outstanding interest is $984
Calculate payments based on sum of principal balance + outstanding interest = $30,984
Notice the difference in monthly payment calculation with/without outstanding interest of $984:
 Monthly payments for $30,000 loans at 6.0% interest rate are $333
 Monthly payments for $30,984 loans at 6.0% interest rate are $344
DIRECT PLUS UNSUBSIDIZED STUDENT LOANS
Direct PLUS unsubsidized student loans are for the parents of students or for graduate professional students. The average interest rate is 7.0%.
At that rate, here's how much you'll pay for:
Loan Amount  Repayment Plan Years  Average Monthly Payment 

$30,000  10 Years  $348 
$60,000  10 Years  $697 
$70,000  10 Years  $813 
$100,000  10 Years  $1,161 
INCOMEBASED REPAYMENT PLAN
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If you have Federal Direct Loans or Federal Family Education Loans (Stafford, Federal PLUS Loans, and Federal Consolidation Loans), you may qualify for an incomebased repayment plan.
Your monthly repayment amount on an incomebased repayment plan is calculated based on a percentage of your discretionary income plus an average weighted interest rate. That means the cost may fluctuate over the life of your loan.
Here's an estimate based on a family size of one with a $30,000 loan on a 25year repayment term:
 Interest Rate 5.7%, Discretionary Income $25,000
You may qualify for an incomebased monthly repayment amount of $86. The total balance paid over the life of the loan is $55,272.  Interest Rate 5.7%, Discretionary Income $30,000
You may qualify for an incomebased monthly repayment amount of $149. The total balance paid over the life of the loan is $68,244.
The remaining balance on a student loan is forgiven after 25 years of payments on incomedriven plans. That means income has a drastic impact with these types of loans—you'll pay $63 more a month in the second example—or $12,972 more over the full course of the loan.
Bottom Line
Interest rates have a big impact on your student loans. Whether you are looking at standard repayment or repayment options that may include refinancing, remember to shop for the lowest rate to ensure you pay less over the life of your student loans.
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