$60,000 in student loans at 7% interest costs $697 per month on the standard 10-year repayment plan. Over 10 years, you will pay $23,598 in total interest, making the total cost $83,598.

Key Numbers

• •Monthly payment (standard 10-year plan): $697
• •Total interest over 10 years: $23,598
• •Total cost of the loan: $83,598
• •Paying an extra $100/month pays it off in 8 years 4 months and saves $4,343 in interest