Repaying Your Student Loan
While you generally have at least ten years to repay a Federal Stafford Loan, you may choose to pay your loan off sooner. The following examples of monthly payments will give you some idea of the monthly payment amount you might expect to have at several different levels of borrowing. A standard 10 year repayment plan, as well as the maximum interest rate allowable by law, is used in these examples.
Your actual interest rate and monthly payment amount will likely differ from those shown below.
Federal Stafford Loan repayment
| Amount borrowed |
Monthly payment |
Interest paid |
Total of all payments |
| $5,000.00 |
$61.00 |
$2,359.00 |
$7,359.00 |
| $10,000.00 |
$123.00 |
$4,718.00 |
$14,718.00 |
| $20,000.00 |
$245.00 |
$9,437.00 |
$29,437.00 |
Note: The Federal Stafford Loan interest rate is variable and usually changes on July 1st of each year. The above chart assumes the maximum interest rate of 8.25%.
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