FAFSA loans totaling $20K - what's my monthly payment after graduation?

You need to know WHAT TYPE of loans they are first!! Federal student loans vs private loans make a HUGE difference. If they're federal loans (which I'm assuming since you mentioned FAFSA), then standard repayment on $20K would be roughly $200-220/month for 10 years depending on your interest rate. BUT there are like a million repayment plans - income-driven plans could be lower depending on what you make after college.

The type of repayment plan makes a big difference. On the standard 10-year plan for $20k in federal loans, you're looking at approximately $212/month (assuming current interest rates around 5.5%). But there are several income-driven repayment options that could lower your monthly payment based on your income after graduation. The SAVE plan is particularly good for lower incomes - payments could be as low as $0 if your income is low enough after graduation. Have you checked out the loan simulator on studentaid.gov?

Loan specialist here. For $20,000 in federal student loans at current interest rates (5.5% for undergrad Direct loans), your monthly payment would be approximately $217 on the standard 10-year plan. If all $20K is subsidized loans, that's your number. If some is unsubsidized, it might be slightly higher due to accrued interest during school. Alternative repayment plans: - SAVE Plan: Payments as low as 5% of discretionary income - IBR: About 10% of discretionary income - Extended: About $113/month for 25 years (pays more interest over time) The SAVE plan is usually the best option for most recent graduates since it offers the lowest payment percentage and potential forgiveness after 20-25 years.

OMG I have like $80k in loans and my payments are killing me lol. wish I only had 20k!! Consider yourself lucky

I pay like $843 a month on the standard plan but honestly I'm thinking of switching to income-based cuz I can barely afford rent too

I took out about $17K total and my payment is $187/month on the standard plan. Been paying for about 2 years now. It's manageable but def impacts what apartment I can afford lol. Make sure u understand how interest accrues! My balance barely goes down each month which is super frustrating.

When I was trying to contact Federal Student Aid about my repayment options, I kept getting disconnected after waiting on hold FOREVER. Super frustrating. Someone at my school told me about this service called Claimyr that got me through to an actual agent in like 10 minutes. You can see how it works at https://youtu.be/TbC8dZQWYNQ. Saved me hours of frustration when I needed to understand my specific repayment options since my situation was complicated with some transferred credits. You might want to check them out at claimyr.com if you need personalized advice about your specific loan situation.

another IMPORTANT thing nobody mentioned - if you pay even just $50 extra each month toward the principal, you can shave like 2 YEARS off your repayment and save thousands in interest!! I set up automatic payments for $50 above my minimum and barely notice it, but my payoff date is wayyy sooner now.

Thank you all so much for the advice! I'm feeling much better knowing what to expect. Sounds like I should plan for around $220/month on the standard plan, but I'll have income-based options if my starting salary isn't great. And I'll definitely look into making extra payments toward the principal to save on interest.