$60,000 in student loans at 5% interest costs $636 per month on the standard 10-year repayment plan. Over 10 years, you will pay $16,367 in total interest, making the total cost $76,367.

Key Numbers

• •Monthly payment (standard 10-year plan): $636
• •Total interest over 10 years: $16,367
• •Total cost of the loan: $76,367
• •Paying an extra $100/month pays it off in 8 years 4 months and saves $2,914 in interest