Canada Student Loan Repayment Calculator
Calculate your exact monthly payments accounting for the 0% Federal interest rate and Provincial interest.
Student Loan Repayment
Calculate your blended repayment accounting for Canada's 0% federal interest rate.
$30,000
Loan Composition
Federal Portion (0% Interest)60% ($18,000)
Provincial: 40%
e.g., OSAP is typically Prime + 1%
114 Months 9.5 Years
Fast (1 yr)Standard (9.5 yrs)Max (14.5 yrs)
Estimated Monthly Payment
$305
For 114 months
Principal
$30,000
Total Interest
$4,814
Total Amount Paid
$34,814
Because the Federal portion (typically 60%) is permanently 0% interest, your "blended" interest rate is much lower than standard personal loans. The faster you pay off the provincial portion, the less interest you will pay overall.
Frequently Asked Questions
The Federal portion of your Canada Student Loan is permanently interest-free as of April 2023. However, the Provincial portion of your loan (e.g., the Ontario portion of OSAP) may still accrue interest. Typically, student loans are a mix of both federal and provincial funding.
You have a 6-month non-repayment 'grace period' after you graduate or leave full-time studies. You are not required to make payments during this time, though interest on the provincial portion may start accruing immediately after graduation.
Canada offers the Repayment Assistance Plan (RAP). If you earn below a certain threshold (around $40,000 for a single person), you may not have to make any payments, or your payments will be reduced to a manageable percentage of your income.
The standard repayment period set by the National Student Loans Service Centre (NSLSC) is 114 months (9.5 years). However, you can choose to increase your monthly payments to pay it off faster, or apply to extend your repayment period up to 14.5 years to lower your monthly payments.