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The average student loan debt per borrower is nearly $40,000. With an average interest rate of 5.5%, that works out to about $393 a month. And here’s the kicker: it typically takes borrowers 17 to 23 years to pay off those loans. Now, let’s do the math that really stings. Paying $393 a month for 20 years adds up to over $94,000 — on a loan that started at just $40,000 when you graduated. | George Kamel
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