The average student loan debt for college graduates is around $37,000, though the average student loan debt for engineers varies based on the type of engineering that you study.
If you plan to pursue a degree in engineering, it’s important to look ahead into the post-graduation future. To do so, consider factors like the average student loan debt for engineers, the starting salary for your specific engineering job, and how you plan to repay your debt.
What is the Average Student Loan Debt for Engineers?
The following table showcases the average student loan debt for engineers based on the specific engineering field that they studied, compiled by the Education Data Initiative.
Type of Engineering
Type of Degree
Average Student Loan Debt
Mechanics, Robotics, and Automation Engineering
Associate’s Degree
$6,500
Civil Engineering Technologies
Associate’s Degree
$15,250
Engineering Science
Associate’s Degree
$10,500
General Engineering
Bachelor’s Degree
$24,999
Biochemical Engineering
Bachelor’s Degree
$24,709
Civil Engineering
Bachelor’s Degree
$24,035
Aerospace, Aeronautical, and Astronautical Engineering
Bachelor’s Degree
$23,875
Chemical Engineering
Bachelor’s Degree
$23,106
Mechanical Engineering
Bachelor’s Degree
$23,000
Computer Engineering
Master’s Degree
$38,967
General Engineering
Master’s Degree
$30,663
Civil Engineering
Master’s Degree
$27,931
Mechanical Engineering
Master’s Degree
$23,302
How Long Does it Take Engineers to Pay Off Student Loans?
While the amount of time it takes engineers to pay off their student loans differs from engineer to engineer, here’s what you should know:
If you only make minimum monthly payments on your loan, it will take the entire repayment term to pay off the loan. However, if you make surplus payments, or pay more than the amount of your minimum payments, you can pay off your loan a lot faster.
For example, let’s say that a chemical engineering student took out a student loan of $25,000 with an interest rate of 4% and a 20-year repayment term. Then, if they only made the minimum monthly payment, it would take the student the entire 20-year repayment term to pay it off in full. By making monthly surplus payments of $300, however, the student would pay off their loan completely in around 6 years.
Likewise, let’s say that the student took out a loan of $28,000 with an interest rate of 6% and a repayment term of 15 years. Then, if they only made the minimum monthly payment, it would take the student the entire 15-year repayment term to pay it off in full. However, by making monthly surplus payments of $500, the loan would be paid off in 4 years.
Accordingly, the amount of time that it takes for engineers to pay off their student loans varies based on the interest rate of their loan, their monthly surplus payment amount, and the loan total.
>> MORE: Top 30 companies that will pay off your student loan debt
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Average Engineer Salary
How long it takes you to repay your student loan debt as an engineer is often dependent on your salary. Generally, the higher the salary is, the easier it will be to pay off student loan debt.
For mechanical engineers, the average student loan debt is $23,000 while the average starting salary is $64,682. For civil engineers, however, the average student loan debt is $24,035 while the average starting salary is $59,892.
Use the following table in combination with the table above to compare your expected student loan debt and future salary.
Type of Engineering
Mean-Entry Level Salary
Mean Annual Salary
Top 10% of Salaries
Aerospace Engineering
$86,034
$122,270
$168,370
Biomedical Engineering
$63,575
$101,020
$154,750
Chemical Engineering
$68,797
$121,840
$187,430
Civil Engineering
$59,892
$95,490
$133,320
Computer Engineering (Hardware Engineers)
$75,953
$136,230
$208,000
Construction Management
$59,259
$108,210
$163,800
Electrical Engineering
$68,819
$107,890
$162,930
Environmental Engineering
$58,808
$100,220
$153,200
Geological and Mining Engineering
$69,879
$100,450
$162,720
Geospatial Science and Technology
$58,562
$73,510
$103,450
Industrial Engineering
$70,496
$95,200
$129,620
Mechanical Engineering
$64,682
$97,000
$136,210
Mechatronics/Robotics Engineering
$80,735
$86,000
$127,000
Surveying Engineering
$78,810
$68,880
$101,240
How to Refinance Your Engineer Student Loan Debt
If you are an engineer who has already taken out multiple student loans to cover the cost of education, consider refinancing your student loan debt.
Refinancing is when you take out a new loan to pay off all, or one of, your current loans. You then receive a new loan with a new interest rate, loan term, and repayment plan.
The best student loan refinance lender will ultimately be the one that works best for you. Rather than searching for lenders one-by-one, we recommend starting the process with an automated student loan search tool. Specifically, with the free Sparrow form, you can see the rates and terms you’d pre-qualify for with 17+ premier lenders.
>> MORE: Compare student loan refinance rates
Benefits of Student Loan Refinancing
Refinancing your student loan debt allows you to save more money in the long run; a lower interest rate and shorter repayment term can help you save thousands of dollars.
For example, let’s say that you have a student loan for $15,250 with a 7% interest rate and a 10-year repayment term. The minimum monthly payment for the loan is $177, but you’ve been making surplus payments of $300 per month. Accordingly, by paying $300 per month, you would pay off the entire loan in 3 years ($17,091 in total including interest).
>> MORE: Should I refinance my student loan?
However, let’s say you apply to refinance instead. Then, let’s say your new loan offers you a 4% interest rate, starting at the same balance and with the same repayment term of 10 years. Now, with the same $300 monthly surplus payments, you can pay off the entire loan in 3 years, but it would only cost you $16,293 total.
In this example, by refinancing your loan, you save $793 and a few months of making payments.
If you want to refinance your student loans, you’ll want to have a strong credit score and history, as well as a steady income. Note that you can refinance multiple private student loans, and you may have the option to combine, or consolidate them into one depending on the lender.
>> MORE: What credit score do I need to refinance my student loan?
Student loan rates from our partners
Ascent
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
LendKey
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
Earnest
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
College Ave
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Closing Thoughts From the Nest
If you are an engineer who is shopping around for a private student loan or looking to refinance your student loans, submit a free form with Sparrow. We help you compare loans that you pre-qualify for across 17+ lending partners so you can find the best loan on the market for you.