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Homeโ€บCanadaโ€บStudent Loan Calculator

Student Loan Calculator Canada 2025

Calculate your student loan repayment schedule, check RAP eligibility for reduced payments or forgiveness, and see how extra payments can save you money. Federal loans are 0% interest.

$
Canada Student Loans (NSLSC) \u2014 0% interest
$
Provincial student loan portion
Determines your provincial interest rate
$
Total monthly payment across both loans
6-month grace period after leaving school (no payments, no federal interest)
โ€”
Estimates only. Actual repayment depends on your loan agreement and NSLSC assessment. Provincial rates may change.

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How to Use This Calculator

Tab "Repayment Schedule"

Enter your federal loan balance (0% interest) and provincial loan balance, select your province (determines the provincial interest rate), and enter your monthly payment. The calculator shows your payoff timeline, total interest on the provincial portion, total cost, and a year-by-year amortization table.

Tab "RAP (Assistance)"

Enter your gross income, family size, and student loan balance. The calculator checks your RAP (Repayment Assistance Plan) eligibility, shows your affordable monthly payment (which can be $0), and estimates when your remaining balance will be forgiven.

Tab "Pay Off Faster"

Enter your loan balance, interest rate, current payment, and an extra monthly payment. See a side-by-side comparison of your original vs. accelerated payoff schedule, including months saved and interest saved.

The Formulas

Monthly amortization (provincial portion):
Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
Where P = principal, r = monthly rate, n = number of months

Federal student loans:
Interest = 0% (Budget 2023, effective Nov 1, 2023)
Months to pay off = Balance ÷ Monthly payment

Provincial interest rates (2025):
ON: prime+1% | BC: 0% | AB: 0% | SK: prime+2% | MB: prime+2.5%
QC (AFE): ~prime | NB: prime+2.5% | NS: prime+0.5%
PE: prime+2% | NL: prime+1% | NT/NU/YT: 0%

RAP thresholds (approximate):
Single: ~$40K | Family of 2: ~$50K | Family of 3: ~$56K
Family of 4: ~$62K | Family of 5+: ~$68K
Affordable payment = 20% of income above threshold ÷ 12

Tax credit: 15% federal non-refundable credit on student loan interest paid

Example

Priya โ€” Recent Graduate in Ontario, $30K Federal + $12K Provincial

Priya graduated with $30,000 in federal student loans and $12,000 in Ontario provincial loans. She pays $500/month.

Federal balance$30,000 at 0%
Provincial balance (ON)$12,000 at 6.45%
Monthly payment$500
Federal portion (~71%)$357/mo — paid off in ~7 years
Provincial portion (~29%)$143/mo — total interest ~$2,800
Total cost~$44,800
Tax credit on interest~$420 (15% of $2,800)

Frequently Asked Questions

Yes. Budget 2023 permanently eliminated interest on federal Canada Student Loans, effective November 1, 2023. This applies to all federal student loans regardless of when they were taken out. You still repay the principal amount, but no interest accrues. Provincial student loans are separate and may still charge interest.
The Repayment Assistance Plan (RAP) has two stages. In Stage 1 (first 10 years), your payments are reduced to an affordable amount based on income and family size. In Stage 2 (years 10-15), the government covers any remaining interest and begins paying down principal. After 15 total years on RAP, any remaining balance is completely forgiven. You must re-apply every 6 months.
After you leave school (graduate or withdraw), you have a 6-month grace period. During this time, no payments are required. Since federal loans are at 0% interest, no interest accrues on the federal portion. However, provincial loans may accrue interest during the grace period depending on your province. Contact NSLSC to confirm your grace period details.
Yes. You can claim a 15% federal non-refundable tax credit on interest paid on qualifying student loans (under the Canada Student Loans Act or similar provincial programs). Since federal loans are now at 0%, this credit mainly applies to provincial loan interest. Unused amounts can be carried forward for 5 years. The credit reduces your federal tax payable.
Quebec has its own student financial aid program called AFE (Aide financière aux études). Quebec students do not receive Canada Student Loans through NSLSC. Instead, AFE provides loans and bursaries with its own rules. The AFE interest rate is approximately equal to the prime rate. Quebec students should contact AFE directly for repayment options and assistance programs.

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