By default, students will be able to borrow up to $9,000 on their first day of school, up from the current limit of $5,500.
If you’re an eligible student, you’ll be able start earning your monthly loan at a higher rate of interest and the total amount you can borrow will be based on your income.
But how much is your monthly payment?
To find out, we spoke to experts to find out what they think students will pay for their education.
To find out more about the student loan and student loan repayment calculator, check out our video guide on the subject.
Student loans for 2018If you’ve been studying in the United States since the mid-1990s, you might be surprised to learn that the amount you owe on your student loan depends on the amount of your income, which can change based on when you graduate from high school.
The following chart shows how much you owe if you were to receive a government loan for the full cost of your education:If you were eligible for federal student loans, your monthly payments will be the same as if you had received the full amount of the federal loan.
The difference is that you won’t get to decide how much to repay, as your payments are based on income rather than the amount owed.
If you’re in the US and you were previously in the country legally and enrolled in a public or private school, you may be able get a lower amount of student loan forgiveness than you would with a federal loan because of the difference in income.
This is true for both current students and graduates of public and private school.
If your income is below $75,000 for a single person, you won�t qualify for the lower amount; however, if you have $75 or more in earnings, you qualify.
If your income was between $75 and $150,000, you would qualify for forgiveness if you’re a single adult and earn more than $150 per week.
This applies to both current and graduates.
If, however, your income between $150 and $200,000 is above $200 per week, you wouldn’t qualify for loan forgiveness because you�re in the lower income category.
If, however for your income above $250,000 per week and you earn $250 or more per week (plus a small percentage) for your work, your total amount forgiven will be $150.
If for this income you were enrolled in another program for a year or more, you�ll need to contact the Federal Student Aid Office to see if you qualify for an extension of the forgiveness amount.