Free Calculator
Canadian Student Loan Repayment Calculator
Model your repayment timeline with provincial interest rates, the six-month grace period, and Repayment Assistance Plan (RAP) eligibility, using the live Bank of Canada prime rate.
Live Prime RateAll ProvincesRAP EligibleGrace Period
Fetching prime rate...
Your loans
Repayment Assistance Plan (RAP)
Federal income-based repayment program
$0
Minimum: $0
Pay faster →
Total balance
$0
Time to pay off
0 yrs
Total interest
$0
Interest saved
$0
Where your money goes
Principal: 50%
Interest: 50%
How this calculator works
- Federal loans: Canada Student Loans currently accrue no interest.
- Provincial loans: rates vary by province. Several provinces charge 0%, while others charge prime or prime plus a margin (for example, Ontario uses prime plus 1%).
- Prime rate: estimated from the Bank of Canada's policy rate plus a 2.20% spread, fetched live from the Bank of Canada's public data service.
- Grace period: the six-month grace period after you finish school is modelled, including interest on provincial loans that charge it.
- RAP: the Repayment Assistance Plan is modelled in two simplified stages: during the first 60 months the government covers the interest your affordable payment doesn't, and after that it also helps pay down principal.
Results are estimates based on the inputs provided and simplified program rules. RAP eligibility and payment amounts are determined by the National Student Loans Service Centre (NSLSC). Always confirm your loan details with your lender. This tool does not constitute financial advice.