$80,000 in student loans at 7% interest costs $929 per month on the standard 10-year repayment plan. Over 10 years, you will pay $31,464 in total interest, making the total cost $111,464.

Key Numbers

• •Monthly payment (standard 10-year plan): $929
• •Total interest over 10 years: $31,464
• •Total cost of the loan: $111,464
• •Paying an extra $100/month pays it off in 8 years 8 months and saves $4,559 in interest