Here’s why selecting the “Extended” repayment plan is a bad idea:

Let’s say you have a $150,000 student loan balance and your average interest rate is 6%.

In this situation, choosing an Extended repayment plan will result in total interest payments of almost $154,000.

You read that correctly – the interest payments alone are more than your original loan balance!

Remember, “those who understand interest earn it, those who don’t pay it.”