How much will my student loan payment be?

Your monthly student loan repayment amount varies based on your income, repayment plan, family size, and whether you have taken out a federal or private loan. 

For example, an income-driven repayment plan, Saving for a Valuable Education (SAVE) is based on a portion of your adjusted gross income and also has interest benefits where the government covers some of the accrued interest. Private loans generally have higher interest rates and hence higher monthly payments.

You can get details about your federal loans like your exact monthly loan payment, repayment plan, remaining loan amount, and loan servicer on the Federal Student Aid website. You can use it to budget your expenses and decide on loan consolidation. If you need to apply for additional loans, or if you’re struggling with repayment and want to change your repayment plan. There are many other loan simulators available online. 

For private loans, visit your loan provider’s official website to calculate the loan amount based on the interest rates, plans, remaining amount, and loan period.