$50,000 in student loans at 5% interest costs $530 per month on the standard 10-year repayment plan. Over 10 years, you will pay $13,639 in total interest, making the total cost $63,639.

Key Numbers

• •Monthly payment (standard 10-year plan): $530
• •Total interest over 10 years: $13,639
• •Total cost of the loan: $63,639
• •Paying an extra $100/month pays it off in 8 years 1 months and saves $2,812 in interest