Student Loan Calculator Canada

What will your student loan cost to pay back? Enter your balance and repayment term, leave the federal portion interest-free or add a provincial rate, and the calculator returns your monthly payment, the months to clear the debt and the total interest.

How Canada Student Loan interest works

Since 1 April 2023 the federal portion of Canada Student Loans is permanently interest-free, so it accrues no interest while you repay. Ticking the interest-free box applies 0% to the whole balance, the right setting if your debt is entirely federal.

Provincial loans are separate. Some provinces still charge interest on their portion, at rates they set and can change, so the calculator never assumes one. If part of your debt carries interest, untick the box and enter that rate.

A worked example

You owe $30,000 over ten years. Interest-free, the payment is $250 a month for 120 months, with no interest. If the same balance were a provincial loan at 6%, the payment would be about $333 a month and you would pay about $9,967 of interest over the term.

On the interest-free balance over five years instead, the payment is $500 a month for 60 months, still with no interest. On a fully federal loan the total cost is the same whatever the term, so choose the payment that fits your budget; the trade-off appears only when a rate applies.

Reading your results

The monthly payment is the level amount that clears the balance at the end of the term. Months to pay off is the term in months. Total interest is what you pay beyond the original balance, zero at 0%.

Choosing a repayment term

A longer term lowers the monthly payment and, when a rate applies, raises the total interest; a shorter term does the reverse. With no prepayment penalty, you can always overpay later to finish sooner.

Federal and provincial portions across the country

Most students who borrow through the Canada Student Financial Assistance program have an integrated loan, a federal and a provincial or territorial portion repaid through one monthly payment to the National Student Loans Service Centre. Several provinces have also dropped interest on their portion, while others still charge it. Quebec, the Northwest Territories and Nunavut run their own student aid programs outside the Canada Student Loans Program, with their own rules and rates.

Repayment assistance and the grace period

Repayment begins after a six-month grace period once you leave full-time study. The Repayment Assistance Plan can reduce or pause payments if your income is low for your family size; apply through the National Student Loans Service Centre. The calculator assumes a fixed payment, so it overstates what you pay in months when the plan applies.

Common mistakes

• Entering the amount originally borrowed rather than the current balance on your statement.
• Entering a mixed federal and provincial balance at one rate. Run the two portions separately and add the results.

Assumptions and limitations

The calculator models one balance at one constant rate over a fixed term using standard amortization. It does not model the Repayment Assistance Plan, income-based reductions, the grace period or blended portions at different rates. Use it to plan and compare, then confirm the figures on your National Student Loans Service Centre account.

This article is general information only and not financial advice.

About This Tool: Student Loan Calculator Canada

Student loan calculator Canada: use this tool to get an instant estimate based on the figures you enter. Adjust the inputs above to match your situation, or browse all our calculators to plan your next step.