For a student who graduates with $90,000 in student loans at 5-percent interest and opts to pay over 20 years, monthly payments
will reach nearly $600. By the time the borrower pays off the loan, he or she would have paid $52,550 in interest.
That same loan paid over 10 years at 5-percent interest yields a monthly payment of $954 but accumulative interest of just
Berman says it's a good idea to opt for the longest repayment period available — often 30 years — but make it a personal mission
to pay down the debt as soon as possible.
"That way you have the luxury of making smaller payments if and when you need to," she says. "If you run into a problem one
month, you won't be penalized."
To calculate educational debt, visit