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.
>> MORE: Compare student loan rates across multiple lenders
The latest rates from Sparrow’s partners
See a rate you like? Click Apply and we’ll take you to the right place to get started with the lender of your choosing.
Find my rate
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
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 application, you can see the rates and terms you’d qualify for with 17+ premier lenders.
>> MORE: Compare student loan refinance rates:
The latest rates from Sparrow’s partners
See a rate you like? Click Apply and we’ll take you to the right place to get started with the lender of your choosing.
Find my rate
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?
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 application with Sparrow. We help you compare loans that you qualify for across 17+ lending partners so you can find the best loan on the market for you.