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Student Loan Repayment

The chart below illustrates what typical monthly payments on a student loan look like.  This shows a 6% interest rate on the loan.


 

Debt BalanceMonthly paymentNumber of monthsInterest over life of loan
$6,000$66.61120$1,993.48
$8,000$88.82120$2,657.97
$10,000$111.02120$3,322.46
$20,000$222.04120$6,644.92


Source - College Counseling Sourcebook, 5th Edition