$100,000 in student loans at 7% interest costs $1,161 per month on the standard 10-year repayment plan. Over 10 years, you will pay $39,330 in total interest, making the total cost $139,330.

Key Numbers

• •Monthly payment (standard 10-year plan): $1,161
• •Total interest over 10 years: $39,330
• •Total cost of the loan: $139,330
• •Paying an extra $100/month pays it off in 8 years 11 months and saves $4,698 in interest