$100,000 in student loans at 6% interest costs $1,110 per month on the standard 10-year repayment plan. Over 10 years, you will pay $33,225 in total interest, making the total cost $133,225.

Key Numbers

• •Monthly payment (standard 10-year plan): $1,110
• •Total interest over 10 years: $33,225
• •Total cost of the loan: $133,225
• •Paying an extra $100/month pays it off in 8 years 11 months and saves $3,896 in interest