$20,000 in student loans at 5% interest costs $212 per month on the standard 10-year repayment plan. Over 10 years, you will pay $5,456 in total interest, making the total cost $25,456.

Key Numbers

• •Monthly payment (standard 10-year plan): $212
• •Total interest over 10 years: $5,456
• •Total cost of the loan: $25,456
• •Paying an extra $100/month pays it off in 6 years 3 months and saves $2,141 in interest