$50,000 in student loans at 6% interest costs $555 per month on the standard 10-year repayment plan. Over 10 years, you will pay $16,612 in total interest, making the total cost $66,612.

Key Numbers

• •Monthly payment (standard 10-year plan): $555
• •Total interest over 10 years: $16,612
• •Total cost of the loan: $66,612
• •Paying an extra $100/month pays it off in 8 years 1 months and saves $3,479 in interest