Student Loan Repayment Calculator (Canada, 2026)

How this calculator works

A government student loan in most provinces is really two loans. The Canada Student Loan is the federal part, and it has charged no interest since April 1, 2023. The provincial loan is the part your province lent, and it usually charges interest at the bank prime rate plus a spread.

The calculator splits your balance the same way. The federal payment is the balance divided by the months in your term. The provincial payment is a standard amortized loan payment: a fixed amount each month, part interest and part principal, that clears the balance exactly at the end of the term.

The grace period is the time after you leave school before the first payment is due. No payments are required, but Ontario keeps charging interest on its portion and adds it to your balance when repayment begins. The calculator uses the months since you left school to tell whether you are still in the grace period, and for Ontario adds the interest still to come.

The term is how long you take to repay. The standard schedule is 114 months. You can stretch it to 174 months by asking the National Student Loans Service Centre. Longer terms cost more interest on the provincial part and nothing more on the federal part.

Provincial loan rules we have verified

For any other province the rate field starts at 0% and is marked as not filled in. Type the rate from your provincial loan statement. Prime is 4.45%, the Bank of Canada policy rate plus 2.20%, as of 2026-09-02.

Repayment Assistance Plan thresholds

Under the plan, your Canada Student Loan payment is $0 when your gross monthly family income is at or below the figure for your family size.

Above the threshold the payment climbs with income until it reaches the ceiling of 10% of gross monthly family income. The steps in between come from an increment table the government publishes only inside its own estimator, so the calculator gives you the ceiling, not the exact reduced payment.

Worked example: $20,000 federal and $10,000 Ontario, just out of school

A graduate in Ontario owes $20,000 on the Canada Student Loan and $10,000 on the Ontario loan, left school this month, takes the standard 114-month term, and can add $100 a month.

Line	Amount
Ontario rate: prime 4.45% + 1%	5.45%
Interest added during the 6-month grace period	$272.50
Ontario balance when repayment starts	$10,272.50
Canada Student Loan payment ($20,000 ÷ 114)	$175.44 a month
Ontario loan payment	$115.64 a month
Required payment	$291.08 a month
Interest over the term (all on the Ontario part)	$2,911
First payment due	March 17, 2027
Paid off	September 17, 2036
With $100 extra a month	paid off 33 months sooner, $1,581 of interest saved

At $4,000 a month of family income with a family of 1, this graduate is above the $3,866 threshold, so the Repayment Assistance Plan would cap the federal payment at about $400 a month rather than remove it. The $2,911 of interest earns a federal credit of 14%, about $407 over the term.

Assumptions

• The provincial rate is floating. When prime moves, so does your payment. The calculator holds today’s rate for the whole term.
• Interest during Ontario’s grace period is simple interest on the months still to run, added once at the start of repayment.
• Extra payments go to the provincial loan first because it is the only part that charges interest.
• Interest that built up on a Canada Student Loan before April 2023 is treated as part of the balance you enter.
• The Repayment Assistance Plan figures are for the Canada Student Loan. Ask your province how its portion is treated on the plan.

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