Your monthly student loan payment will depend on a number of different factors, and it is entirely unique based on your financial situation. Below are a few factors that can impact your monthly payment:
- Total loan amount
- Interest rate
- Type of interest rate
- Loan term (how long it will take to repay your loan amount)
Because your student loan payment is often small compared to the overall loan amount, we recommend using a loan payment calculator to help you understand how decreasing or increasing your payment amount may affect what you pay over the life of your loan.
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