Student loan payments depend on your loan type, balance, interest rate, and repayment plan
There is no single answer because federal and private loans work differently, and federal loans offer multiple repayment plans with different monthly amounts. A borrower with $30,000 in federal loans might pay $300 a month on one plan and $150 on another. Private loans typically have one fixed payment based on the terms you agreed to when you borrowed. The payment you make also depends on whether you are still in school, whether you have started repayment, and which plan you chose or defaulted into.
The most useful number is your own: log into your loan servicer's website or call them directly to see what you actually owe each month. If you have not yet started repayment, your servicer can show you what different plans would cost before you choose one.
Key Takeaways
- Federal loan payments range from roughly $0 to $500+ per month depending on your income and the repayment plan you select.
- Private loan payments are fixed based on your loan agreement and do not change unless you refinance.
- Income-driven plans can lower your monthly payment to as little as $0 if your income is low enough, but extend your repayment timeline.
- Your loan servicer can show you payment estimates for each plan before you commit to one.
- Payments resume after the current pause ends, and your servicer will notify you of the restart date and your new payment amount.
How federal loan payments are calculated
Federal loans use one of four income-driven repayment plans, or the Standard plan. Each calculates your payment differently, and the amount changes based on your income, family size, and state of residence. Income-driven plans typically take 10 to 25 years to pay off, depending on which plan you choose.
The Standard Repayment Plan is the default if you do not choose. It fixes your payment at an amount designed to pay off your loan in 10 years, regardless of income. For a $30,000 loan at 5% interest, this is roughly $283 per month. For a $100,000 loan at the same rate, it is roughly $943 per month. The exact amount depends on your interest rate and how many loans you have.
Income-driven plans recalculate your payment each year based on your tax return. They typically charge 10% to 20% of your discretionary income (your income minus 150% of the federal poverty line for your family size). A single borrower earning $35,000 per year might pay $50 to $100 per month; one earning $80,000 might pay $300 to $400. If your income is very low or you have dependents, your payment can be $0.
Private loan payments and fixed terms
Private loans do not have income-driven options. Your monthly payment is set when you borrow and stays the same for the life of the loan unless you refinance. The payment depends on the loan amount, interest rate, and term length you agreed to—typically 5, 10, 15, or 20 years.
A $30,000 private loan at 6% interest over 10 years costs roughly $300 per month. The same loan over 5 years costs roughly $580 per month. Over 20 years, it costs roughly $180 per month. Private lenders do not adjust payments based on income, so if your income drops, your payment does not change. If you fall behind, you have fewer protections than federal borrowers.
Some private lenders offer a grace period (usually 6 months) after you graduate before payments begin. Others let you defer payments while you are in school, though interest often accrues during that time. Check your loan documents or contact your lender to confirm when your payments start.
Payments while you are still in school
Most federal loans do not require payments while you are enrolled at least half-time. Interest may still accrue—it does on unsubsidized loans—but you do not have to pay it until after you graduate or drop below half-time status. Some federal loans, like Parent PLUS loans, require payments to begin immediately even while your child is in school.
Private loans vary widely. Some require immediate payments, some offer a grace period, and some let you defer while enrolled. Your promissory note or loan agreement spells out the terms. If you are unsure, contact your lender before your first payment is due.
What happens when payments restart
Your loan servicer will send you a notice at least 30 days before payments resume, stating your new payment amount and due date. The notice will also tell you which repayment plan you are on. If you are on an income-driven plan, your payment will be recalculated based on your most recent tax return on file with the Department of Education.
If you have not filed taxes recently, your servicer may estimate your income or use your last known income. You can update your income information through your servicer's website or by phone to lower your payment before it restarts. If your circumstances have changed significantly—you lost income, have new dependents, or are facing hardship—contact your servicer to discuss options before the first payment is due.
Comparing payment plans side by side
| Plan | Typical Term | Payment Basis | Best For |
|---|---|---|---|
| Standard | 10 years | Fixed amount, same every month | Borrowers who can afford a higher payment and want to pay off quickly |
| Income-Based (IBR) | 20–25 years | 10% of discretionary income, recalculated yearly | Borrowers with lower income or high debt relative to earnings |
| Pay As You Earn (PAYE) | 20 years | 10% of discretionary income, recalculated yearly | Newer borrowers seeking the lowest possible payment |
| Revised Pay As You Earn (REPAYE) | 20–25 years | 10% of discretionary income, recalculated yearly | Any borrower; includes Parent PLUS loans |
| Income-Contingent (ICR) | 25 years | 20% of discretionary income or fixed 12-year amount, whichever is lower | Borrowers with very high debt or variable income |
| Private Loan | 5–20 years (varies) | Fixed based on loan agreement | Borrowers with stable income who want predictable payments |
How to find your actual payment amount
Log into your account at your loan servicer's website. You will see your current loan balance, interest rate, and monthly payment. If you have multiple loans, each will show separately. Your servicer's website usually has a tool to estimate what your payment would be under different repayment plans.
If you do not know who your servicer is, visit the National Student Loan Data System (NSLDS) at nslds.ed.gov and log in with your Federal Student Aid credentials. It lists all your federal loans and who services each one. For private loans, check your promissory note or contact the lender directly.
If you are about to graduate or your grace period is ending, your servicer will contact you with payment information. You do not have to wait for that notice—you can log in now and see what you owe.
Frequently Asked Questions
Can I change my payment amount after I start repaying?
Yes, if you have federal loans. You can switch to a different repayment plan at any time by contacting your servicer or updating your plan online. If you are on an income-driven plan, your payment recalculates automatically each year based on your tax return. If your income drops significantly, you can request an out-of-cycle recalculation before your annual update.
What if I cannot afford my monthly payment?
Federal borrowers can switch to an income-driven plan, which may lower your payment to $0 if your income is low enough. You can also request a deferment or forbearance, which pauses payments temporarily (though interest may still accrue). Private loan borrowers should contact their lender immediately to discuss options; many offer hardship programs or temporary payment reductions, though terms vary by lender.
Do I have to make a payment during the current pause?
No. As long as the pause is in effect, federal loan payments are not required. Your servicer will notify you when the pause ends and when payments resume. You can make voluntary payments during the pause if you want to reduce your balance, and they will go entirely toward principal.
What is discretionary income?
Discretionary income is your adjusted gross income (from your tax return) minus 150% of the federal poverty line for your family size and state. For a single person in 2024, that is roughly your income minus $21,870. Only the amount above that threshold counts toward your payment calculation on income-driven plans.
Do I pay interest on top of my monthly payment?
Interest is included in your monthly payment on federal loans. Each month, some of your payment covers interest and some covers principal. On private loans, the same is true. If interest accrues faster than you are paying it (which can happen on income-driven plans with very low payments), your balance may grow even as you make payments.