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Canada student loan calculator

Estimate your monthly Canada Student Loan payment and total interest over your chosen repayment term.

By Mitch Duncan Last reviewed Methodology

Loan details

Canada Student Loans are interest-free federally; provincial portions and the chosen term affect your payment.

Monthly payment
$340.64
Total interest
$10,877.27
Total paid
$40,877.27

How Canada student loan repayment works

Canada Student Loans are amortizing: after a six-month non-repayment period following study, you repay the balance plus interest over a term you choose (commonly up to 10–15 years). The monthly payment is fixed, set by your balance, rate, and term. As of recent reforms, the federal portion is interest-free; provincial portions may still charge interest depending on the province.

Payment = P × r ÷ (1 − (1 + r)−n)

Repayment Assistance Plan

If repayments are unaffordable, the Repayment Assistance Plan (RAP) can reduce or pause payments based on income and family size, with the government covering interest and eventually principal. That makes the effective burden income-sensitive even though the underlying loan is a fixed-term amortizing one.

Federal and provincial split

Most borrowers have an integrated loan combining federal and provincial portions; the two can carry different interest treatment. This calculator models a single fixed amortizing schedule — use your statement's blended rate, or set the rate to zero to see the interest-free federal portion alone.

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Frequently asked questions

How are student loan repayments calculated?
It depends on the country. In the US and Canada you repay an amortizing loan — a fixed monthly payment set by your balance, interest rate, and term. In the UK and Australia repayments are income-contingent: you pay a percentage of income above a threshold, so your salary, not your balance, drives the monthly amount.
What is income-contingent repayment?
It means your repayment is a share of your earnings rather than a fixed amount tied to the balance. UK borrowers repay 9% of income above a threshold; Australian HELP borrowers repay a rising percentage of total income once they cross the threshold. Repayments pause automatically if income falls, and remaining balances are eventually written off.
Should I pay off my student loan early?
For amortizing loans (US/Canada), overpaying reduces total interest and clears the debt sooner. For income-contingent loans (UK/Australia) that are written off after 30–40 years, many borrowers never repay the full balance, so voluntary payments only help if you'd otherwise clear it before write-off. The right answer depends on your system and income.
Does the UK student loan charge interest?
Yes — UK loans accrue interest (linked to RPI), which adds to the balance. But because repayment is 9% of income above the threshold and the balance is written off after 30 years (Plan 2) or 40 years (Plan 5), the interest rate often doesn't change what most borrowers actually repay over their lifetime.
How does Australian HECS-HELP work?
HECS-HELP is income-contingent and interest-free, but the balance is indexed to inflation each year. Once your income passes the threshold (around A$54,000, indexed annually), the ATO withholds a percentage of your whole income that rises in steps with earnings — from roughly 1% up to 10% at the highest band.
Why does my balance barely change my UK or Australian repayment?
Because those repayments are based on income, not the amount owed. Someone earning the same salary repays the same amount whether they owe 20,000 or 60,000 — the balance only affects how long it takes to clear (or whether it's written off first). That's why these systems feel more like a graduate tax than a normal loan.

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