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Student Loan Repayment Calculator

Enter your balance, the interest rate that actually applies to your loan and your repayment term to see the monthly payment, the total interest, and how much sooner an extra payment clears the debt.

You enter the rate — we do not assume one. The federal portion of Canada Student Loans has been interest-free since 2023 (no interest accrues on the federal share). Provincial and territorial portions are separate loans with their own rules, and some still charge interest. Look up the rate on your own statement in your NSLSC account (and your provincial student aid account) and enter it below. Estimates only — principal and interest, no fees.
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What you still owe today.
From your statement. Use 0 for an interest-free portion.
Standard federal repayment is spread over up to 10 years.
Paid on top of the required payment.

How much can you actually put toward the loan?

Work out your net pay after income tax, CPP/QPP and EI first, then decide on the extra payment.

Take-home pay calculator →
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How student loan repayment works in Canada

Most Canadian students hold an integrated loan: a federal portion (Canada Student Loan) and a provincial or territorial portion, combined into one monthly payment. The federal portion has been interest-free since 2023, so no interest accrues on that share. The provincial and territorial portions follow their own rules, which differ by province, and some still charge interest. That is why this calculator asks you for the rate instead of assuming one.

Repayment normally begins six months after you stop being a full-time student. Interest, where it applies, is charged on the outstanding balance first; the rest of each payment reduces the principal. That is why an extra payment is so effective early on.

Where to find your actual rate and balance

Your federal balance, payment and rate are in your NSLSC account (National Student Loans Service Centre). If your province administers its own portion separately, check that account too, then add the balances together or run this calculator once for each portion. Do not rely on a rate you remember or a rate quoted on a blog: read it off your own statement.

Does paying extra help?

Yes, in two different ways. If your rate is above zero, every extra dollar cuts both the time and the interest. If your rate is zero, extra payments do not save interest, but they still clear the debt sooner and free up your monthly cash flow. The calculator reports both effects so you can see which one applies to you.

FAQ

Does this include fees or repayment assistance?

No. It is principal and interest only. It does not model the Repayment Assistance Plan, interest relief, loan forgiveness for some professions, or any provincial grant or rebate programs. Those can lower what you actually pay.

Why does my statement show a different payment?

Your lender sets the payment from your actual balance, term and rate on their own schedule, and may compound or post interest daily. This tool uses a standard monthly amortization, so treat it as an estimate.

Is student loan interest deductible?

Interest paid on a qualifying government student loan generally gives you a non-refundable federal and provincial tax credit, not a deduction. This calculator does not include that credit — check the CRA rules or your tax software.

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