Enter your total loan balance, federal/provincial split, province of study, and repayment term to see your monthly Canada Student Loan payment, total interest, payoff date, and an optional RAP eligibility estimate. Federal loans are 0% interest; provincial rates apply only in Ontario and Quebec.
The Student Loan Calculator Canada estimates your combined monthly Canada Student Loan payment using the actual rules from the National Student Loans Service Centre (NSLSC). The federal portion is interest-free (0% since April 2023) and amortized over your chosen term. The provincial portion uses standard amortization with province-specific rates — 0% in most provinces, prime + 1% in Ontario, and prime + 0.5% in Quebec. The calculator also estimates whether you may qualify for the Repayment Assistance Plan (RAP) by comparing your household income to the federal threshold.
Your monthly payment is calculated separately for the federal and provincial portions. The federal portion (0% interest since April 2023) is simply your balance divided by the number of months. The provincial portion uses standard amortization: P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ−1], where r is the monthly interest rate and n is the number of payments.
The standard repayment term is 114 months (9.5 years) for balances over $6,986. Smaller balances have shorter terms automatically. You can request an extension up to 174 months (14.5 years) through the NSLSC to lower your monthly payment.
No — the federal government permanently eliminated interest on Canada Student Loans effective April 1, 2023. The federal portion of your loan is 0% interest. However, provincial loan portions (e.g., Ontario OSAP at prime + 1%) may still charge interest depending on your province.
RAP caps your monthly student loan payment at 20% of your household income. If your income is below a threshold based on family size, your payment can be reduced to $0. After 15 years (or 10 years if you have a disability), any remaining balance is forgiven. Apply through the NSLSC.
After leaving school, Canada Student Loans enter a 6-month non-repayment period. Interest does not accrue on the federal portion during this time, but some provinces may still charge interest on the provincial portion. Payments normally start after the grace period ends, although you can make voluntary payments earlier to reduce your balance.
Yes. There are no prepayment penalties for Canada Student Loans. Any extra payment goes directly toward principal, reducing your total interest cost and shortening your payoff date. Use the calculator to see how extra monthly payments change your amortization schedule.