Student Loan Repayment Calculator Canada

How to Use This Calculator

Enter your total student loan balance, your interest rate (use 0% for federal Canada Student Loans, which are now interest-free), and your repayment period in years (the default is 10 years). The calculator shows your estimated monthly payment, total amount paid, total interest cost, and projected payoff date.

Federal vs. Provincial Student Loan Interest Rates

• Canada Student Loan (federal): 0% interest — enter 0 in the calculator
• Ontario provincial loan: Prime rate (approximately 5.2% in 2026) — check NSLSC
• BC StudentAid provincial: Prime + 1%
• Alberta Student Aid: Prime + 1%
• Most other provinces: Typically prime to prime + 2%

If you have both federal and provincial loans, calculate them separately and add the monthly payments together for your total monthly obligation.

How to Pay Off Your Student Loan Faster

• Make extra payments whenever possible — even $50/month extra can shave years off your term
• Apply tax refunds directly to your principal balance
• Set up biweekly payments instead of monthly — you end up making one extra full payment per year
• Refinance provincial loans to a lower rate if your credit has improved post-graduation

The Repayment Assistance Plan (RAP)

If your monthly payment is unaffordable, apply for the federal Repayment Assistance Plan. RAP reduces or eliminates payments based on your income. After 10 years on RAP, remaining federal loan balances may be forgiven. Apply at nslsc.canlearn.ca.