Average Student Loan Debt and Payments by Degree
Student loan debt varies dramatically depending on your level of education and field of study. Here’s a comprehensive breakdown of what borrowers owe and pay.
Overview by Education Level
| Degree Level | Average Debt | Monthly Payment (Standard) | Typical Repayment |
|---|---|---|---|
| Associate’s | $20,000 | $200 | 10 years |
| Bachelor’s | $32,000 | $320 | 10 years |
| Master’s | $72,000 | $720 | 10 years |
| Professional (Law, MD) | $175,000 | $1,750 | 10-25 years |
| Doctorate (PhD) | $125,000 | Often funded | Varies |
Bachelor’s Degree Debt
By Institution Type
| Institution Type | Average Debt | Monthly Payment |
|---|---|---|
| Public university (in-state) | $26,000 | $260 |
| Public university (out-of-state) | $36,000 | $360 |
| Private nonprofit | $35,000 | $350 |
| Private for-profit | $42,000 | $420 |
By Major Field
| Field of Study | Avg. Debt | Avg. Starting Salary | Debt-to-Salary |
|---|---|---|---|
| Engineering | $28,000 | $70,000 | 0.40 |
| Computer Science | $26,000 | $68,000 | 0.38 |
| Nursing | $30,000 | $58,000 | 0.52 |
| Business | $32,000 | $55,000 | 0.58 |
| Biology | $29,000 | $45,000 | 0.64 |
| Communications | $35,000 | $42,000 | 0.83 |
| Psychology | $34,000 | $38,000 | 0.89 |
| Education | $33,000 | $40,000 | 0.83 |
| Art/Design | $36,000 | $40,000 | 0.90 |
| Social Work | $32,000 | $38,000 | 0.84 |
Rule of thumb: Debt-to-salary ratios under 1.0 are generally manageable.
Master’s Degree Debt
Most Common Master’s Degrees
| Degree | Avg. Total Debt | Avg. Salary | Monthly Payment |
|---|---|---|---|
| MBA | $60,000-$120,000 | $90,000-$150,000 | $600-$1,200 |
| MS Engineering | $40,000 | $95,000 | $400 |
| MS Computer Science | $45,000 | $105,000 | $450 |
| MA Education | $55,000 | $55,000 | $550 |
| MSW (Social Work) | $65,000 | $52,000 | $650 |
| MFA (Fine Arts) | $75,000 | $50,000 | $750 |
| MS Nursing (NP) | $50,000 | $120,000 | $500 |
| MS Psychology | $60,000 | $55,000 | $600 |
ROI Analysis
| Master’s Degree | 10-Year Earnings Gain | Total Cost | Net ROI |
|---|---|---|---|
| Nurse Practitioner | $500,000+ | $65,000 | +$435,000 |
| MBA (Top 50) | $400,000 | $120,000 | +$280,000 |
| MS Engineering | $200,000 | $55,000 | +$145,000 |
| MA Education | $80,000 | $55,000 | +$25,000 |
| MFA | $30,000 | $75,000 | -$45,000 |
Professional Degree Debt
Law School (JD)
| Law School Tier | Avg. Debt | Starting Salary Range |
|---|---|---|
| T14 (Top 14) | $200,000 | $100,000-$215,000 |
| T50 (Top 50) | $160,000 | $60,000-$140,000 |
| Lower-ranked | $130,000 | $40,000-$80,000 |
| All law schools | $145,000 | $50,000-$215,000 |
Monthly payment on $145,000 at standard repayment: $1,450/month
Medical School (MD/DO)
| Medical Specialty | Avg. Debt | Avg. Salary (Year 1) | Salary After Residency |
|---|---|---|---|
| Primary Care | $200,000 | $60,000 (resident) | $240,000 |
| Surgery | $215,000 | $65,000 (resident) | $400,000+ |
| Dermatology | $200,000 | $65,000 (resident) | $400,000+ |
| All physicians | $203,000 | $62,000 (resident) | $250,000-$500,000 |
Monthly payment on $203,000 at standard repayment: $2,030/month
Dental School (DDS/DMD)
| Factor | Amount |
|---|---|
| Average debt | $285,000 |
| Average starting salary | $150,000 |
| Monthly payment (standard) | $2,850 |
| Monthly payment (IDR) | $1,000-$1,500 |
Pharmacy School (PharmD)
| Factor | Amount |
|---|---|
| Average debt | $180,000 |
| Average starting salary | $130,000 |
| Monthly payment (standard) | $1,800 |
Veterinary School (DVM)
| Factor | Amount |
|---|---|
| Average debt | $170,000 |
| Average starting salary | $95,000 |
| Monthly payment (standard) | $1,700 |
| Debt-to-income ratio | 1.79 (challenging) |
PhD Programs
Most PhD programs offer funding (tuition waiver + stipend), but unfunded students may accumulate significant debt:
| PhD Field | Typical Funding | Debt If Unfunded |
|---|---|---|
| STEM | 90%+ funded | $50,000 |
| Humanities | 70% funded | $75,000 |
| Social Sciences | 75% funded | $65,000 |
| Education | 40% funded | $85,000 |
Payment Comparisons Under Different Plans
$50,000 Balance (Master’s Level)
| Repayment Plan | Monthly Payment | Total Paid | Forgiveness? |
|---|---|---|---|
| Standard 10-year | $500 | $60,000 | No |
| Extended 25-year | $290 | $87,000 | No |
| SAVE ($60k income) | $170 | ~$41,000 | ~$25,000 |
| PSLF ($60k income) | $170 | ~$20,400 | ~$40,000 |
$150,000 Balance (Professional Degree)
| Repayment Plan | Monthly Payment | Total Paid | Forgiveness? |
|---|---|---|---|
| Standard 10-year | $1,500 | $180,000 | No |
| Extended 25-year | $870 | $261,000 | No |
| SAVE ($70k income) | $240 | ~$57,600 | ~$150,000+ |
| PSLF ($70k income) | $240 | ~$28,800 | ~$175,000+ |
Debt by Demographics
By Age
| Age Group | Average Balance | Average Monthly Payment |
|---|---|---|
| Under 25 | $16,000 | $175 |
| 25-34 | $35,000 | $310 |
| 35-44 | $45,000 | $380 |
| 45-54 | $42,000 | $350 |
| 55+ | $38,000 | $320 |
By Income Level
| Household Income | Average Debt | Payment Burden |
|---|---|---|
| Under $25,000 | $28,000 | High (20%+) |
| $25,000-$50,000 | $32,000 | Moderate (10-15%) |
| $50,000-$100,000 | $38,000 | Manageable (5-10%) |
| $100,000+ | $48,000 | Low (<5%) |
Key Takeaways
-
Undergraduate debt is manageable — Average $32,000 is payable within 10 years for most careers
-
Professional degrees carry heavy debt — $150,000-$300,000 common but usually offset by high salaries
-
Some master’s degrees have poor ROI — Education, arts, and humanities often don’t justify the cost
-
Field of study matters more than degree level — Engineering bachelor’s often beats humanities master’s
-
Income-driven repayment helps high-debt borrowers — Can reduce payments by 50-80%
-
PSLF is valuable for public servants — Especially for high-debt professional degrees
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