The monthly payment on a $20,000 student loan ranges from $212 to $1,796, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $212. But if you pay off a $20,000 student loan in one year at a 14% APR, your monthly payment will be $1,796.
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 $20,000 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 $20,000 Student Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 1 year | 6% | $1,721 | $656 |
| 3 years | 6% | $608 | $1,904 |
| 5 years | 6% | $387 | $3,199 |
| 7 years | 6% | $292 | $4,542 |
| 9 years | 6% | $240 | $5,932 |
| 10 years | 6% | $222 | $6,645 |
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
Say, for example, you borrow $20,000 in student loans with an interest rate of 5%. Your monthly payment on a standard 10-year term would be $212. By the end of the loan, you'll have paid $5,456 in interest.
How much is the monthly payment for a $20000 student loan? ›
Say, for example, you borrow $20,000 in student loans with an interest rate of 5%. Your monthly payment on a standard 10-year term would be $212. By the end of the loan, you'll have paid $5,456 in interest.
What would be the monthly payment on a $20,000 loan? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $20,000 | 5 | $415.07 |
| $25,000 | 3 | $771.81 |
| $25,000 | 5 | $518.84 |
| $30,000 | 3 | $926.18 |
13 more rowsAverage Student Loan Payoff Time After Consolidation
| Total Student Loan Debt | Repayment Period |
|---|
| Less than $7,500 | 10 years |
| $7,500-10,000 | 12 years |
| $10,000-$20,000 | 15 years |
| $20,000-$40,000 | 20 years |
2 more rowsThe average outstanding federal student loan debt per borrower is $37,853. 52.6% of indebted borrowers owe $20,000 or less in federal student loans. 32.1% of indebted student borrowers owe $10,000 or less in federal student loans. 15.0% of borrowers owe less than $5,000.
How much does the average person pay a month for student loans? ›
Data Summary. The average federal student loan payment is about $302 for bachelor's and $208 for associate degree-completers. The average monthly repayment for master's degree-holders is about $688.
Is student loan forgiveness 20k? ›
The Supreme Court blocked the one-time debt relief plan (you may also know this as the forgiveness of up to $20,000 for Pell Grant borrowers). But you may be able to get help repaying your loans, including full loan forgiveness, through other federal student loan programs.
How much do you pay back on a $20,000 loan? ›
Representative example
| Loan amount £20,000 | Monthly repayments £386.05 | Length of agreement 60 months |
| Total amount repayable £23,163.00 | Representative 6.1% APR | Fixed Annual Rate of Interest (nominal) 5.9358% |
1 more rowRequirements for a $20,000 Personal Loan
This means they'll want to see your credit score, income level and DTI ratio. Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.
What is 5% interest on a $20,000 loan? ›
Loan amount
If you borrow $20,000 over five years with a 5 percent interest rate, you'll pay $2,645.48 in interest on an amortized schedule.
How long it takes to pay off student debt depends on the repayment plan you choose as well as the interest rate, size of the loan, and your budget. On average, people with student loans have spent just over 21 years paying back their loans. Federal student loans offer repayment plans that last from 10 to 30 years.
How to pay off $20,000 fast? ›
If you have $20,000 in credit card debt that you need to pay off in three years or less, you have multiple options to consider, including:
- Take advantage of a debt relief service.
- Consolidate your debt with a home equity loan.
- Take advantage of 0% balance transfer credit cards.
For federal direct student loans, undergraduates can borrow up to $12,500 annually and up to $57,500 total. Graduate students can borrow up to $20,500 annually and $138,500 total, including their undergraduate borrowing. Federal PLUS loans are capped at your school's total cost of attendance.
What is the average monthly payment for a 20k student loan? ›
With a $20,000 loan, you will pay $202 monthly and a total of $4,299 in interest over the life of your loan. You will pay a total of $24,298 over the life of the loan, assuming you're making full payments while in school.
What is the monthly payment on a $20,000? ›
The monthly payment on a $20,000 loan ranges from $273 to $2,009, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 loan for one year with an APR of 36%, your monthly payment will be $2,009.
What is a bad amount of student loans? ›
After students come up with a number for the amount they expect to borrow, they should ensure the loan amount, plus other expected debts such as rent and car payments, do not exceed 33% of their expected future income.
How much does a 20000 loan cost per month? ›
Optimum Credit
Check eligibility Representative Example: The representative APR is 6.86% so if you borrow £20,000 over 5 years at a rate of 6.86% (fixed) you will repay £392.76 per month & total amount payable £23,565.65.
What is the monthly payment on a 200000 student loan? ›
Interest rates and terms
| Interest rate | Monthly payment |
|---|
| Original loan | 7.5% | $2,493 |
| Refinanced loan | 4.25% | $1,580 |
A $30,000 private student loan can cost approximately $159.51 per month to $737.38 per month, depending on your interest rate and the term you choose. But, you may be able to cut your cost by comparing your options, improving your credit score or getting a cosigner.
How much is the monthly payment on a 15 000 student loan? ›
The monthly payment on a $15,000 student loan ranges from $159 to $1,347, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 student loan and pay it back in 10 years at an APR of 5%, your monthly payment will be $159.
