$80,000 in student loans at 5% interest costs $849 per month on the standard 10-year repayment plan. Over 10 years, you will pay $21,823 in total interest, making the total cost $101,823.

Key Numbers

• •Monthly payment (standard 10-year plan): $849
• •Total interest over 10 years: $21,823
• •Total cost of the loan: $101,823
• •Paying an extra $100/month pays it off in 8 years 9 months and saves $3,053 in interest