It’s shocking.

I’ve spoken to 3 different attorneys in the past week who’re making student loan payments under an “Extended Repayment Plan.”

There’s no loan forgiveness with this plan and the debt is typically paid off over a 30-year period.

I get it – it’s tempting to pick a plan that has a low, manageable monthly payment.

Here’s the bad news with these plans though:

One associate I spoke to had a loan balance of around $150,000 and an average interest rate of 6%.

If he stays on this plan he will literally pay $173,757 in interest over the next 30 years.

That’s more than his current loan balance!

There’s much better options available that also keep payments at a reasonable level.