Student Loan Calculator
Enter your loan amount, interest rate, and repayment period to see your monthly payment and the total interest you will pay. The smartest time to run this calculator is before you borrow — not after.
The federal portion of Canada Student Loans is interest-free; provincial portions vary — check your province.
How to Use the Student Loan Calculator
- Estimate what you will actually owe at graduation, not just this year’s loan.
- Run the standard repayment period first, then try paying $50–$100 more per month and watch the payoff date jump forward.
- Test different interest rates — provincial loan terms vary, and private loans cost more.
Try This
Take a $20,000 balance and compare a 10-year repayment against the same loan with an extra $75 a month. Extra payments early in the loan do the most damage to the interest — that is where prepayment power lives.
A Teacher’s Tips
The cheapest student loan is the one you shrink before it exists: scholarships, grants, and part-time work reduce the amount borrowed, which beats any repayment strategy. And borrow for education costs, not lifestyle — future-you is co-signing every pizza.
Student Loan FAQ
Do Canada Student Loans charge interest?
The federal portion of Canada Student Loans has been permanently interest-free since 2023. Provincial portions vary by province — check yours, and verify current rules before borrowing.
When do I have to start repaying?
Repayment on government student loans typically begins six months after you leave full-time studies. Use that grace period to get working and set up your budget — not to forget the loan exists.
What if I can’t afford my payments?
Canada’s Repayment Assistance Plan (RAP) can reduce or pause payments based on income. Struggling borrowers who apply do far better than the ones who go silent.
Keep Going
Start with how student loans work in Canada, then creative ways to pay them off and how scholarships work to borrow less in the first place.
