$20,000 in student loans at 6% interest costs $222 per month on the standard 10-year repayment plan. Over 10 years, you will pay $6,645 in total interest, making the total cost $26,645.

Key Numbers

• •Monthly payment (standard 10-year plan): $222
• •Total interest over 10 years: $6,645
• •Total cost of the loan: $26,645
• •Paying an extra $100/month pays it off in 6 years 3 months and saves $2,637 in interest