You may want to check out the repayment rules for the loan before you start putting in more than the minimum every month. The last contract that I read, states that there is no penalty for paying off early, however monies in excess of the monthly payment submitted per month will not go toward paying off principal, and instead wil just be deducted from what you owe on the next months payment. If this is the case, paying extra every month will pay off the loan early, but you will still pay the same in interest, as the same amount of payments will be made. I would suggest putting the extra money that you would pay per month into an interest bearing account of some sort (money market, CD, Mutual Fund)...something that will not penalize you for closing the account in five or ten years, then keep making your monthly payments. When you have enough money in the saving account, withdraw it, and pay off your loan in full. Paying off in full is the only way that you will pay this loan off without bearing the full brunt of all of the interest compounded over 20 years. Paying extra per month will not do it.
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Cheers,
Charter
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