With debt totaling $41,300 to obtain a master's degree, a borrower who pays an extra $100 each month will save approximately $3,329 on interest payments and repay the debt in seven years and nine months.
A borrower who pays an extra $200 each month on the same $41,300 will save about $5,341 on interest and pay off the loans in six years and four months.
The average total debt to obtain a bachelor's degree is $28,400. An extra $100 payment each month will save the borrower approximately $2,994 in interest and repay the loan amount in seven years.
Paying an extra $200 a month on the $28,400 debt will save a borrower about $4,530 in interest and pay off the loan amount in five years and five months.
An associate's degree holder with the average debt of $13,000 making an extra $100 payment per month will save about $2,168 in interest and pay the debt off in five years and three months.
Making an extra $200 payment each month on that $13,000 will save approximately $2,876 in interest and pay off the debt in three years and six months.