$30,000 in student loans at 5% interest costs $318 per month on the standard 10-year repayment plan. Over 10 years, you will pay $8,184 in total interest, making the total cost $38,184.

Key Numbers

• •Monthly payment (standard 10-year plan): $318
• •Total interest over 10 years: $8,184
• •Total cost of the loan: $38,184
• •Paying an extra $100/month pays it off in 7 years 2 months and saves $2,468 in interest