$60,000 in student loans at 6% interest costs $666 per month on the standard 10-year repayment plan. Over 10 years, you will pay $19,935 in total interest, making the total cost $79,935.

Key Numbers

• •Monthly payment (standard 10-year plan): $666
• •Total interest over 10 years: $19,935
• •Total cost of the loan: $79,935
• •Paying an extra $100/month pays it off in 8 years 4 months and saves $3,608 in interest