Your monthly payment depends on which repayment plan you chose and how much you borrowed
There is no single monthly payment for student loans. What you owe each month depends on three things: the total amount you borrowed, the interest rate on your loans, and which repayment plan you selected. A borrower with $30,000 in federal loans might pay $300 a month on the Standard plan or $150 a month on an income-driven plan—or nothing at all if their income is low enough. Private loans work differently and often have no income-based options.
The federal government offers six main repayment plans, each with its own monthly amount. Income-driven plans calculate your payment as a percentage of your discretionary income—money left after basic living expenses—rather than a fixed amount tied to your loan balance. Standard plans charge a fixed amount over 10 years. Graduated plans start low and increase every two years. Extended plans stretch payments over 25 years but cost more in interest.
Your loan servicer—the company that collects your payments—will tell you the exact amount for each plan when you log into your account or call them. You can also use the federal loan simulator at studentloans.gov to see what different plans would cost before you choose one.
Key Takeaways
- Federal student loan payments range from $0 to several hundred dollars per month depending on your plan choice and income level.
- Income-driven repayment plans base your payment on what you earn, not what you owe, and may result in $0 monthly payments if your income is below the poverty line.
- The Standard 10-year plan charges a fixed amount each month and costs less in total interest than longer plans.
- Private student loans do not have income-based options and typically require a fixed monthly payment regardless of your financial situation.
- Your loan servicer can show you the exact payment amount for each available plan before you commit to one.
How federal income-driven plans calculate your payment
Income-driven plans set your monthly payment at 10%, 15%, or 20% of your discretionary income, depending on which plan you choose. Discretionary income is your adjusted gross income minus 150% or 225% of the federal poverty line for your family size—the exact percentage depends on the plan. For 2024, the federal poverty line for a single person is about $14,600, so 150% of that is roughly $21,900. If you earn $35,000 a year, your discretionary income on most plans would be around $13,100, and 10% of that is $1,310 per year, or about $109 per month.
If your income is low enough that your discretionary income falls below zero, your payment is $0. You still must make this $0 payment each month by logging into your servicer's website or calling them—skipping it counts as a missed payment even though you owe nothing. Making $0 payments keeps your loans in good standing and counts toward forgiveness programs that erase remaining balances after 20 or 25 years of payments.
Income-driven plans recalculate your payment once a year based on your most recent tax return. If your income rises, your payment rises. If your income falls or you lose your job, you can request a recalculation immediately by submitting a new income estimate to your servicer.
Fixed payments on Standard and Extended plans
The Standard 10-year plan charges a fixed amount every month until your loans are paid off. The amount depends on your total loan balance and interest rate. A borrower with $30,000 in federal loans at an average interest rate of 5% would pay roughly $283 per month. A borrower with $60,000 would pay roughly $566 per month. These are estimates; your actual payment depends on the exact interest rates on each individual loan.
The Extended 25-year plan also charges a fixed amount, but because you are spreading payments over a longer time, the monthly cost is lower—perhaps $150 per month on that same $30,000 loan. However, you pay far more interest over the life of the loan because you are borrowing the money for 15 extra years.
The Graduated plan starts with a lower fixed payment and increases every two years. Your first payment might be $150 per month, then $170, then $190, and so on. This plan is useful if you expect your income to rise steadily—say, you are starting a career where raises are predictable—but it still requires you to pay off the full loan within 10 years.
Private student loan payments and what affects them
Private loans from banks and credit unions do not have federal repayment plans. Your lender sets the payment terms when you borrow, and most require a fixed monthly payment. The amount depends on the loan amount, the interest rate your lender gave you, and the loan term—usually 5, 10, or 15 years.
Private lenders do not offer income-based payment options. If you lose your job or your income drops, you cannot request a lower payment based on hardship. Some private lenders offer forbearance or deferment—temporary pauses on payments—but these are discretionary and may not be available depending on your loan agreement and the lender's policies.
Interest rates on private loans vary widely based on your credit score, income, and the lender. A borrower with excellent credit might get a 4% rate; a borrower with fair credit might pay 8% or higher. Because private loans are not standardized, you should contact your lender directly to learn your exact monthly payment and what options exist if you run into trouble.
What happens if you cannot afford your monthly payment
If you have federal loans and your payment is too high, you can switch to a different repayment plan at any time. Switching to an income-driven plan usually lowers your payment, though it may increase the total interest you pay over time. You can switch plans through your loan servicer's website or by calling them.
If you have federal loans and you miss a payment, your loan enters delinquency after 90 days. After 270 days of missed payments, your loan goes into default, which damages your credit score and can trigger wage garnishment or tax refund offset. However, you can get out of default by making three consecutive on-time payments or by consolidating your loans into a Direct Consolidation Loan.
If you have private loans and cannot pay, contact your lender immediately. Some offer temporary forbearance, but many do not. Missing payments on private loans can result in legal action and wage garnishment more quickly than federal loans.
How to find your exact monthly payment
Log into your account at studentloans.gov if you have federal loans. Your servicer's name appears there, along with your loan balance, interest rate, and current payment plan. Click on "Repayment Plans" or a similar option to see what your payment would be under each available plan. You can also use the federal loan simulator, which shows you estimated payments for different scenarios without changing your actual plan.
If you have private loans, log into your lender's website or call the customer service number on your loan statement. Ask for a payment breakdown that shows your principal, interest, and total monthly payment. If you are considering refinancing to a different lender, that lender can give you a quote showing what your new payment would be.
If you are still in school and have not started repayment yet, your loan servicer can show you estimated payments based on your expected loan amount. These estimates help you decide whether to borrow more or less before you graduate.
How interest rates affect what you pay each month
Federal student loan interest rates are set by Congress and change each year. For loans issued in the 2023–2024 school year, undergraduate loans carried a 5.5% interest rate, while graduate loans were higher. These rates are fixed for the life of the loan, meaning your rate never changes even if federal rates rise or fall.
On a $30,000 loan at 5.5% over 10 years, your monthly payment is roughly $283. On the same loan at 7%, your payment rises to roughly $299. The difference seems small each month, but over 10 years you pay thousands more in interest. This is why comparing interest rates matters when you are choosing between federal loans, private loans, or refinancing options.
Income-driven plans do not eliminate interest. If your payment is $0 because your income is low, interest still accrues on your loan balance. Unpaid interest capitalizes—gets added to your principal—which means you owe interest on interest. This is why some borrowers with $0 payments end up owing more after several years than they did when they started.
Frequently Asked Questions
Can I change my monthly payment amount?
Yes. You can switch to a different federal repayment plan at any time through your servicer's website or by calling them. Switching to an income-driven plan usually lowers your payment if your income is modest. Changing your plan does not affect your credit or require approval—it is your right as a borrower.
What if my payment is $0 on an income-driven plan?
You must still make the $0 payment each month by logging into your servicer's website or calling them. Skipping it counts as a missed payment. Making $0 payments keeps your loans in good standing and counts toward forgiveness programs that erase remaining balances after 20 or 25 years of payments.
Do private student loans have payment plans like federal loans?
No. Private lenders set fixed monthly payments when you borrow and do not offer income-based options. If you cannot afford your payment, contact your lender to ask about forbearance, but they are not required to offer it. Refinancing to a different lender is your main option if you want a lower payment.
What is the difference between deferment and forbearance?
Both pause your monthly payment temporarily. With deferment, interest may not accrue on subsidized federal loans. With forbearance, interest accrues on all loans. Forbearance is easier to obtain but costs more in the long run because unpaid interest capitalizes.
How do I know if I am in default?
Your servicer will notify you by mail and email when you reach 90 days of missed payments (delinquency) and again at 270 days (default). You can also log into your servicer's website to check your payment status. Default triggers wage garnishment and tax refund offset, but you can recover by making three consecutive on-time payments or consolidating your loans.