$20,000 in student loans at 7% interest costs $232 per month on the standard 10-year repayment plan. Over 10 years, you will pay $7,866 in total interest, making the total cost $27,866.

Key Numbers

• •Monthly payment (standard 10-year plan): $232
• •Total interest over 10 years: $7,866
• •Total cost of the loan: $27,866
• •Paying an extra $100/month pays it off in 6 years 3 months and saves $3,157 in interest