$40,000 in student loans at 6% interest costs $444 per month on the standard 10-year repayment plan. Over 10 years, you will pay $13,290 in total interest, making the total cost $53,290.

Key Numbers

• •Monthly payment (standard 10-year plan): $444
• •Total interest over 10 years: $13,290
• •Total cost of the loan: $53,290
• •Paying an extra $100/month pays it off in 7 years 8 months and saves $3,303 in interest