Pay Down Student Loans Pay Extra and Save An extra $50 a month –Pay off loan 3 years faster –Save $2,231 in interest An extra $250 a month –Pay off loan 6 years faster –Save $4,892 in interest An extra $500 a month –Pay off loan 8 years faster –Save $5,762 in interest Student Loan $15,000 borrowed 10 year term 8.25% interest rate Monthly payment: $184 Total interest paid: $7,077