It's simple math
By tacking on an extra $100 to the monthly payment, the borrower would save more than $2,500 in interest and cut down their repayment time by 32 months, or about 2 and a half years.
To pay off the loan amount in half the standard time, or about five years, the borrower would need to double the minimum monthly payment to $653, which results in more than $4,800 saved in interest.Research shows student loans are for delays in homeownership and lower wealth levels among millennials. But when it comes to crushing student loans and saving for the future, it doesn't always have to be an"either, or" situation.taking interest rates into consideration to decide whether you should invest while paying off your student loans, or pour any extra money into making bigger monthly payments.
The rule of thumb from Sallie Krawcheck, CEO of Ellevest, is that any student-loan debt with an interest rate above 7% should be paid off before you invest. That's because a well-diversified investment portfolio will return about 6% annually, which is less than you'd save in interest payments, she told Erin Lowry in her book,"
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