$50,000 in student loans at 7% interest costs $581 per month on the standard 10-year repayment plan. Over 10 years, you will pay $19,665 in total interest, making the total cost $69,665.

Key Numbers

• •Monthly payment (standard 10-year plan): $581
• •Total interest over 10 years: $19,665
• •Total cost of the loan: $69,665
• •Paying an extra $100/month pays it off in 8 years 1 months and saves $4,186 in interest