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The average student loan borrower pays $393 per month, according to the Federal Reserve. This includes borrowers on all repayment plans but doesn't count those whose loans are in deferment or forbearance.

The average monthly payment for recent graduates is $393 but that could be higher or lower based on your degree.

The student loan payment should be limited to 8-10 percent of the gross monthly income. For example, for an average starting salary of $30,000 per year, with expected monthly income of $2,500, the monthly student loan payment using 8 percent should be no more than $200.

Let's keep things simple and assume you owe $30,000, and your blended average interest rate is 6.00%. If you pay $333 a month, you'll be done in 10 years.

Federal borrowing limits for dependent undergraduates Dependent undergraduate students can take out $5,500 to $7,500 in federal student loans each year in they're in school, up to a total limit of $31,000. If your family qualifies, up to $23,000 of your total borrowing can be in subsidized loans.

While no one wants to pay student loans, $25,000 in education debt is manageable for the average professional earning $30,000 to $40,000. Depending on a student's eligibility, most (if not all) of this debt would be in government loans. Based on a 20-year term, installments would be around $150 per month.

If you are an undergraduate student, the maximum amount you can borrow each year in Direct Subsidized Loans and Direct Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on what year you are in school and your dependency status.

Those who graduate college with student loans owe close to $30,000 on average, according to the most recent data from the Institute for College Access & Success. But they'll likely repay thousands more than that because of interest. One key to limiting interest cost is choosing the right repayment plan.