What Is The Average Monthly Student Loan Payment?

The most recent data from the Federal Reserve showed that the average student loan payment for borrowers in 2016 was $393. Adjusting for inflation, the average monthly student loan payment in 2024 is $503.

However, the average student loan payment can vary a lot based on factors such as repayment plan, interest rate, and loan term. It’s also important to note that 38% of respondents said that at least one of their loans were in deferment (meaning they weren’t currently making any payments at all).

Among borrowers that are actively paying down their student loans, the average student loan monthly payment is much higher. This article explores the average student loan monthly payment in the US and what you can do to manage your own student loan debt.

Average Student Loan Payment By Repayment Plan

Most people who borrow money to pay for education use federal student loans. These loans come with several protections including Income-Driven Repayment (IDR) plans. Income driven repayment plans mean that your monthly payment is based on your certified income.

With these plans, your student loan balance may grow over time. Any money you put towards your loan pays interest first then principal. In a lot of cases (especially among lower earners) that means that none of the payment goes towards principal at all.

Although your loan balance may grow on an IDR plan, they can certainly improve your cash flow situation. And if you want to pay off your debt faster, you can always pay more than the required monthly minimum.

Below you can see how different payment plans would work for a single person earning $48,000 per year with a $30,000 loan balance (assuming the loan has a 4.5% interest rate).

Check out our student loan calculator to see more about your student loan payment.

How To Manage Your Student Loan Payment

If you feel like you can’t afford the average student loan monthly payment on an IDR plan, you might be able to stop payments altogether by applying for a period of forbearance.

All federal student loan borrowers can apply for forbearance at any time at StudentAid.gov. And several private lenders offer hardship forbearance periods of 12 months or more as well. That’s a big deal since private student loans don’t qualify for IDR plans. These are the best private student loan lenders.

Finally, if your income and credit score are both strong, you might be able to decrease your monthly payment by refinancing your student loans to a lower interest rate. These are the best companies for refinancing student loans.

People Also Ask

How Much Is The Average Student Loan Payment Per Month?

The average student loan payment in 2024 is $503 per month.

What Is The Average Student Loan Debt?

The average student loan debt balance in 2024 is $37,088.

How Many Borrowers Pay $0 Per Month?

4 million student loan borrowers currently have student loan payments of $0 per month.