The monthly payment on a $30,000 student loan ranges from $318 to $2,694, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $318. But if you pay off a $30,000 student loan in one year at a 14% APR, your monthly payment will be $2,694.
The standard payoff period for a student loan is up to 10 years, and student loan APRs generally range between 5% and 14%. Private student loans tend to have higher maximum APRs than federal loans, however.
Below are the monthly payments that you can expect on a $30,000 student loan with different payoff periods. The table assumes you will be paying interest at an APR of 6%, which is roughly the average student loan APR.
Example Monthly Payments on a $30,000 Student Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 1 year | 6% | $2,582 | $984 |
| 3 years | 6% | $913 | $2,856 |
| 5 years | 6% | $580 | $4,799 |
| 7 years | 6% | $438 | $6,814 |
| 9 years | 6% | $360 | $8,899 |
| 10 years | 6% | $333 | $9,967 |
If you’d like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub’s free student loan calculator.
Once you get approved for a student loan, you will receive information on exactly what your monthly payment will be. And you’ll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was first published on 09/23/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
1. Make extra payments
| Loan Balance | Monthly Payment | Repaid |
|---|
| $15,000 | $156 | $18,681 |
| $20,000 | $208 | $24,908 |
| $25,000 | $259 | $31,135 |
| $30,000 | $311 | $37,362 |
1 more rowPlan out your repayment
Let's assume you owe $30,000, and your blended average interest rate is 6%. If you pay $333 a month, you'll be done in 10 years. But you can do better than that. According to our student loan calculator, you'd need to pay $913 per month to put those loans out of your life in three years.
What is the average monthly payment on a $30000 loan? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $25,000 | 3 | $771.81 |
| $25,000 | 5 | $514.57 |
| $30,000 | 3 | $926.18 |
| $30,000 | 5 | $608.15 |
13 more rowsMore than four in ten students at public four-year universities complete their degree with zero debt. Nearly eight in ten students graduate with less than $30,000 in debt. Among those who do borrow, the average debt at graduation is $27,400 — or $6,850 for each year of a four-year degree at a public university.
How fast can I pay off $30,000? ›
The minimum payment approach
If you only make the minimum payment each month, it will take about 460 months, or about 38 years, to pay off that $30,000 balance.
How much does the average person pay a month for student loans? ›
Combined, student loan debt in the U.S. adds up to nearly $2 trillion. According to the same data, the average student loan monthly payment is $503. This is debt that needs a specific plan to make sure you're able to get out of it as quickly as possible to limit how much you'll pay.
What credit score do you need to get a $30,000 loan? ›
Requirements to receive a personal loan
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
How long does it take to pay off a $30,000 dollar loan? ›
It will take 41 months to pay off $30,000 with payments of $1,000 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
What is 6% interest on a $30,000 loan? ›
For example, the interest on a $30,000, 36-month loan at 6% is $2,856.
What is an OK amount of student loans? ›
There's a general rule that you shouldn't borrow more in student loans than you expect to make in your first year out of college. A bachelor's degree recipient's average student loan debt in 2021 was $29,100. In theory, a graduate with a salary above this could handle a 10-year standard repayment plan.
The 6-step method that helped this 34-year-old pay off $30,000 of credit card debt in 1 year
- Step 1: Survey the land. ...
- Step 2: Limit and leverage. ...
- Step 3: Automate your minimum payments. ...
- Step 4: Yes, you must pay extra and often. ...
- Step 5: Evaluate the plan often. ...
- Step 6: Ramp-up when you 're ready.
Key Takeaways. Carrying student debt can affect your ability to buy a home if your debt-to-income ratio is too high. If you have too much student loan debt, you won't be able to save as much for retirement. Student loan debt can lower your credit score, especially if you fail to make on-time payments.
How much is $60000 in student loans monthly payment? ›
The monthly payment on a $60,000 student loan ranges from $636 to $5,387, depending on the APR and how long the loan lasts. For example, if you take out a $60,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $636.
How to pay off $36,000 in student loans? ›
Make paying off your student loans a priority.
- Pay more than the minimum payment. ...
- Get on a budget. ...
- Cut back your spending. ...
- Increase your income. ...
- Refinance your loans (only if it makes sense). ...
- Avoid income-driven repayment plans (IDRs). ...
- Don't bank on student loan forgiveness.
The answer may lie within the fine print of your loan agreement … or it could be due to a rising interest rate environment. Depending on your repayment plan and the structure of your loan, your student loan payment can go up for various different reasons.
