Our Canadian student loan calculator helps you estimate your monthly and annual repayments for federal and provincial student loans. Follow these steps to get accurate results:

Step 1: Select Your Loan Type

Federal Student Loans

• Canada Student Loans Program: Government-funded loans
• Interest Rate: Set by the Government of Canada (currently around 2.45%)
• Repayment Term: Typically 9.5 years
• Repayment Assistance Plan: Available for low-income borrowers

Provincial Student Loans

• Province-Specific Programs: Each province has its own loan program
• Interest Rates: May vary by province
• Repayment Terms: Vary by province
• Assistance Programs: Province-specific repayment assistance

Combined Federal & Provincial

• For borrowers with both federal and provincial loans
• Calculates combined repayment obligations
• Considers different interest rates and terms

Step 2: Select Your Province/Territory

Choose your province or territory to get province-specific information:

• Alberta: Alberta Student Aid
• British Columbia: StudentAid BC
• Ontario: OSAP (Ontario Student Assistance Program)
• Quebec: Aide financière aux études
• Other Provinces: Each has unique programs and terms

Step 3: Enter Basic Loan Information

Outstanding Loan Balance

• Enter your current outstanding balance from the National Student Loans Service Centre
• Check your balance at canada.ca
• Include both federal and provincial loans if applicable
• This is the amount you still owe, not the original amount borrowed

Interest Rate

• Federal Loans: Currently around 2.45% (floating rate)
• Provincial Loans: Vary by province
• Check with your loan servicer for current rates
• Rates are updated quarterly

Repayment Term

• Federal Loans: Typically 9.5 years
• Provincial Loans: Vary by province (usually 9.5-15 years)
• Choose the length of your repayment period
• Longer terms mean lower monthly payments but more total interest

Step 4: Enter Income Information

Annual Income

• Your current annual income before tax
• Include salary, bonuses, and other employment income
• For self-employed, use your net profit
• This affects Repayment Assistance Plan eligibility

Family Size

• Number of people in your household
• Include yourself, spouse, and dependents
• Affects RAP eligibility thresholds
• Larger family size may increase eligibility for assistance

Years Since Graduation

• Number of years since you finished your studies
• Helps calculate interest-free periods
• Repayments typically start 6 months after graduation
• If you haven't graduated yet, enter 0

Step 5: Repayment Assistance Plan (RAP)

What is RAP?

• Government program to help low-income borrowers
• May reduce or eliminate monthly payments
• Available for up to 10 years
• Must reapply every 6 months

RAP Eligibility

• Based on income and family size
• Single borrowers: Income under $25,000
• Family borrowers: Income under $40,000
• Thresholds vary by province
• Partial assistance available for higher incomes

Step 6: Interest-Free Period

Interest-Free Months Remaining

• Most loans have a 6-month interest-free period after graduation
• Enter remaining months of interest-free period
• During this period, no interest accrues
• Payments may still be required

Monthly Payment During Interest-Free Period

• Some loans require payments during interest-free period
• Enter the amount you're required to pay
• Usually lower than regular payments
• Check with your loan servicer for exact amounts

Step 7: Calculate and Review Results

Click the "Calculate Student Loan Repayments" button to see your results:

Repayment Summary

• Monthly Payment: Your estimated monthly payment
• Annual Payment: Total amount you'll pay each year
• Total Interest: Total interest paid over the loan term
• Total Amount: Total amount paid including principal and interest

RAP Information

• RAP Eligible: Whether you qualify for assistance
• RAP Payment: Your payment amount under RAP
• RAP Period: How long RAP assistance is available

Step 8: View Repayment Schedule

Click "View Schedule" to see:

• Year-by-year breakdown of payments
• Principal and interest allocation
• Remaining balance after each year
• Impact of interest-free periods

Step 9: Export Your Results

Click "Export to Excel" to download a comprehensive CSV file containing:

• Loan Information: All input values and loan details
• Repayment Summary: Monthly and annual payments
• Income Information: Annual income and family size
• RAP Information: Eligibility and payment details
• Repayment Schedule: Year-by-year breakdown
• Regulatory Notes: Important Canadian-specific information

Understanding Canadian Student Loan Repayments

How Repayments Work

• Fixed Payments: Monthly payments are typically fixed
• Interest Accrual: Interest is added to the loan balance
• Repayment Start: 6 months after graduation
• No Penalties: No penalties for early repayment

Interest-Free Periods

• 6-month grace period after graduation
• No interest accrues during this period
• Payments may still be required
• Varies by province and loan type

Repayment Assistance Plan (RAP)

• Available for low-income borrowers
• May reduce or eliminate payments
• Must reapply every 6 months
• Available for up to 10 years

Tips for Accurate Results

Common Scenarios

Low Income

• May qualify for RAP
• Payments may be reduced or eliminated
• Interest continues to accrue
• Loan balance may increase

High Income

• Standard repayment terms apply
• May not qualify for RAP
• Consider early repayment to save interest
• Higher payments reduce loan faster

Provincial Variations

• Each province has different programs
• Interest rates may vary
• Repayment assistance programs differ
• Contact provincial student aid office