The monthly payment on a $130,000 student loan ranges from $1,379 to $11,672, depending on the APR and how long the loan lasts. For example, if you take out a $130,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $1,379. But if you pay off a $130,000 student loan in one year at a 14% APR, your monthly payment will be $11,672.
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 $130,000 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 $130,000 Student Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 1 year | 6% | $11,189 | $4,264 |
| 3 years | 6% | $3,955 | $12,375 |
| 5 years | 6% | $2,513 | $20,796 |
| 7 years | 6% | $1,899 | $29,525 |
| 9 years | 6% | $1,561 | $38,561 |
| 10 years | 6% | $1,443 | $43,192 |
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 09/24/21. 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.
