How Much Are Student Loan Payments?
Before you decide to take out that new loan to pay for college, there are many things you'll need to consider. Currently, there are roughly 42.8 million student loan borrowers in the United States alone, with the average student loan borrower taking out $32,880 to receive their bachelor's degree.
By taking on student loan debt, you'll be adding new credit to your credit portfolio with a student loan balance that you'll have to pay off in monthly payments over time. The amount you pay for monthly payments is mainly based on several factors: principal balance, interest rate, and income.
When factoring these into every student's unique financial situation, it is difficult to give an exact amount for how much your student loan payments would be since the amount differs for everyone. However, it is possible to calculate your monthly payment amount if you have the needed information.
Student borrowers can plug their student loan information into a free student loan calculator to get an accurate estimate of how much their monthly payments should be.