Student Loan Affordability Calculator

Check if your student debt is affordable relative to expected salary. Uses the 8% rule.

By Konstantin Iakovlev · Updated April 2026 · Source: FSA

$
$
%

Monthly Payment

$397.42

Payment % of Income

8.7%

Affordable?

No

8% rule

Your payment is 8.7% of income (above the 8% guideline). Consider income-driven repayment plans.

Loan Details

Standard Monthly Payment (10-yr)$397.42
Total Interest Over 10 Years$12,690.15
Total Amount Paid$47,690.15
Payment as % of Gross Income8.7%

Affordability Benchmarks

Max Affordable Debt at Your Salary$32,291.78
Salary Needed for Your Debt$59,612.69
Affordable Monthly Payment (8%)$366.67

Use the Student Loan Affordability Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

How It Works

Whether a loan payment fits your life comes down to the salary you'll actually earn after graduation, not the degree you imagine paying for it. With average debt for a bachelor's holder projected near $40,000 by 2026, weighing affordability ahead of time is one of the clearest ways to protect your long-term financial footing. Running the numbers early gives you space to adjust borrowing before the bills arrive.

The estimate here leans on the widely used '8% Rule,' which holds that total student loan payments should stay at or below 8% of gross monthly income. The tool takes your expected annual salary, divides it by 12 to find monthly income, and multiplies that by 0.08 to surface the largest payment you could comfortably carry. The result is a fast read on whether your anticipated payments land inside a workable range.

Treat the output as a starting benchmark rather than a verdict, since other debts and everyday living costs shift the real picture. People tend to lowball future expenses and inflate starting pay, so keep your inputs grounded in realistic figures. What you get here is a snapshot, not a full financial plan, and a conversation with a financial advisor remains worthwhile.

Example: Aspiring Software Engineer with $50,000 in Student Loans

  1. 1 You anticipate a starting annual salary of $80,000 as a software engineer upon graduation in 2026. Your total student loan debt is $50,000, and you're on a standard 10-year repayment plan, resulting in an estimated monthly payment of $530.34.
  2. 2 Your projected monthly gross income is $80,000 / 12 = $6,666.67. According to the 8% rule, your maximum affordable monthly student loan payment is $6,666.67 * 0.08 = $533.33.
  3. 3 With an estimated monthly payment of $530.34 and a maximum affordable payment of $533.33, your student loans are considered affordable by the 8% rule.
  4. 4 This indicates that your projected student loan burden is manageable relative to your expected income. However, remember to factor in other living costs like rent (projected national average for a 1-bedroom apartment in 2026 could be around $1,800), utilities, and transportation when creating your full budget.

Source: FSA · Last updated: April 2026

Frequently Asked Questions

How much student debt is too much?
The general rule is your total student loan debt should not exceed your expected first-year salary. If your expected starting salary is $55,000, keep total borrowing under $55,000. Monthly payments should stay below 8-10% of gross monthly income to remain manageable.
What is the average student loan payment in 2026?
The average monthly student loan payment is approximately $350-$400 in 2026. Total average student loan debt for bachelor degree graduates is about $33,000-$37,000. Graduate degree holders average significantly more at $65,000-$80,000.
Should I take out student loans or work during school?
A moderate approach works best: borrow only what you need for tuition and fees, and work part-time for living expenses. Federal subsidized loans (no interest while in school) are the best option. Avoid private loans with variable rates when possible.

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