 TITLE: How to Pay Off Student Loans as a New Graduate CONTENT: 2\\. Pay More Than the Minimum Each Month\n----------------------------------------\nThe more you can pay each month, the fewer payments you will have to make over the life of the loan. It'll also save you money on interest.\nFor example, let's say you have $20,000 in student loans with an average interest rate of 5.5%. On a 10-year payment plan, your monthly payment would be roughly $217 and you'd pay $6,046 in interest. But if you were to pay an extra $50 to your monthly payment, you'd pay off your debt two years and four months early and save $1,493 on interest.\nKeep in mind that you'll need to let your loan servicer know you want the extra amount applied to the current month's payment—otherwise, they may apply it to the following month's payment. END