$30,000 in student loans at 7% interest costs $348 per month on the standard 10-year repayment plan. Over 10 years, you will pay $11,799 in total interest, making the total cost $41,799.

Key Numbers

• •Monthly payment (standard 10-year plan): $348
• •Total interest over 10 years: $11,799
• •Total cost of the loan: $41,799
• •Paying an extra $100/month pays it off in 7 years 2 months and saves $3,656 in interest