$80,000 in student loans at 6% interest costs $888 per month on the standard 10-year repayment plan. Over 10 years, you will pay $26,580 in total interest, making the total cost $106,580.

Key Numbers

• •Monthly payment (standard 10-year plan): $888
• •Total interest over 10 years: $26,580
• •Total cost of the loan: $106,580
• •Paying an extra $100/month pays it off in 8 years 9 months and saves $3,783 in interest