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The Standard Repayment Plan spreads payments evenly over 10 years at a fixed monthly amount. It results in the least total interest paid compared to extended or income-driven plans. For a $35,000 loan at 5.5%, the standard plan gives a monthly payment of about $379 and total interest of about $10,476.

Yes, significantly. On a $35,000 loan at 5.5% with a standard 10-year repayment, adding just $100 extra per month saves approximately $2,200 in interest and cuts 20 months off the repayment period. The savings from extra principal payments compound over the life of the loan.