Student Loan Calculator (2024)

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How much is the monthly payment on a $70,000 student loan? ›

What is the monthly payment on a $70,000 student loan? The monthly payment on a $70,000 student loan ranges from $742 to $6,285, depending on the APR and how long the loan lasts. For example, if you take out a $70,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $742.

You can find your federal student loan balances by logging into your account at StudentAid.gov. For private student loan balances, you can contact your loan servicer or check your credit report. Experian, TransUnion and Equifax now offer all U.S. consumers free weekly credit reports through AnnualCreditReport.com.

The average borrower takes 20 years to repay their student loan debt and accrues $26,000 in interest over 20 years at the rounded average interest rate of 6%. If those monthly payments look low compared to what most borrowers pay, it's because most borrowers carry a lot more than $20,000 in student loan debt.

If you racked up $30,000 in student loan debt, you're right in line with typical numbers: the average student loan balance per borrower is $33,654. Compared to others who have six-figures worth of debt, that loan balance isn't too bad. However, your student loans can still be a significant burden.

The average student loan debt for bachelor's degree recipients was $29,400 for the 2021-22 school year, according to the College Board. Among all borrowers, the average balance is $38,290, according to mid-2023 data from Experian, one of the three national credit bureaus.

Income-based repayment caps monthly payments at 15% of your monthly discretionary income, where discretionary income is the difference between adjusted gross income (AGI) and 150% of the federal poverty line that corresponds to your family size and the state in which you reside. There is no minimum monthly payment.

Student loans are considered good debt due to their potential for long-term benefits, including increased earning potential. Other factors of good debt include lower interest rates, flexible repayment options, and potential tax deductions.

What are the disadvantages of taking out federal student loans? ›

Some drawbacks of federal direct loans are that there are no subsidized federal direct loans for graduate students, borrowers who default or become otherwise unable to repay their federal direct loans will not be able to escape them by declaring bankruptcy, and undergraduates who apply for direct unsubsidized loans and ...

A 2019 study from New York Life found that the average age when people finally pay off their student loans for good is 45.

The monthly payment on a $20,000 student loan ranges from $212 to $1,796, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $212.

A lot of student loan debt is more than you can afford to repay after graduation. For many this means having more than $70,000 – $100,000 of total student debt.

A low burden is a monthly payment of less than 8% of monthly income, a medium burden is a monthly payment of between 8% and 14% of monthly income, and a high burden is a monthly payment of greater than 14% of monthly income. Was this page helpful?

How long does it take to pay off $70K student loans? This will depend on the type of student loans you have and what repayment plan you choose. Federal student loans: You could have 10 to 25 years to repay federal loans, depending on the repayment plan you choose.

What is considered a lot of student loan debt? A lot of student loan debt is more than you can afford to repay after graduation. For many this means having more than $70,000 – $100,000 of total student debt.