How much student loan debt can I afford?
| Total Student Loan Debt | Monthly Payment | Minimum Annual Income Needed To Afford Monthly Payment |
|---|---|---|
| $5,000 | $61 | $7,320-$9,150 |
| $10,000 | $122 | $14,640-$18,300 |
| $15,000 | $184 | $22,080-$27,600 |
| $20,000 | $245 | $29,400-$36,750 |
| $25,000 | $306 | $36,720-$45,900 |
| $50,000 | $612 | $73,440-$91,800 |
| $100,000 | $1,222 | $146,660-$183,300 |
Student loan borrowers whose gross annual incomes fall below these guidelines should investigate flexible repayment options.
Monthly payment amount assumes that the current interest rate of 8.19% remains constant throughout the repayment period of 10 years of equal monthly installments. Actual interest rates are variable and adjusted annually on July 1 based on the 91-day Treasury bill rate.
Minimum income needed to afford monthly payment assumes payments do not exceed 8% to 10% of the borrower's gross monthly income.
TOP