$30,000 in student loans at 6% interest costs $333 per month on the standard 10-year repayment plan. Over 10 years, you will pay $9,967 in total interest, making the total cost $39,967.

Key Numbers

• •Monthly payment (standard 10-year plan): $333
• •Total interest over 10 years: $9,967
• •Total cost of the loan: $39,967
• •Paying an extra $100/month pays it off in 7 years 2 months and saves $3,046 in interest