A minimum student loan payment is the lowest amount that a borrower is required to pay each month on their student loans. This amount is typically set by the loan servicer and is based on the loan amount, interest rate, and repayment term. Borrowers who make only the minimum payment each month will typically end up paying more interest and taking longer to repay their loans than borrowers who make larger payments.
Making the minimum student loan payment can have several benefits. First, it can help borrowers to stay on track with their loan repayment and avoid default. Second, it can help borrowers to save money on interest charges. Third, it can help borrowers to improve their credit score.