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
Written by
WealthVieu
WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.
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