Student Loan Repayment Calculator Canada (2024)

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Did you know over 40% of Canadian graduates used a loan of some kind to pay for their education? Want to know more about what payments you'll make if you take out a student loan? Want to know how interest rates differ between government student loans and student lines of credit?

Our student loan payment calculator shows you how to finance your student loan in seconds!

What is a student loan?

A student loan is a sum of money given to a student by either the government or a lender. This is for the purpose of funding college studies, for example, to pay for tuition, books or living expenses. After you are finished your studies, you have a non-repayment period of six months. However, after this, you must begin to pay back your loan. Depending on your loan, interest may build up over the non-repayment period. The Canadian government has different loan programs to help you receive the best form of financial aid.

Watch out!

Remember to confirm your enrolment in school each and every semester. Forgetting to confirm may mean interest accumulating.

What are the different types of student loans?

There are different options available to you when it comes to financing your studies. These are government student loan programs, private student loans, bank student loans and provincial student loans.

Government student loan programs

Government student loan programs offer two options: the Canada Student Loan Program (CSLP) and the Canada Student Grant Program (CSGP).

The CSLP can give students a loan to cover 60% of their tuition fees. To qualify for this loan, you must be a permanent resident in the province issuing the grants or loans. You must also be enrolled in a degree program for 12 out of 15 weeks.

The CSGP gives students money that they do not need to pay back. The requirements to qualify for these grants are more strict, meaning a student must show serious financial need. There are other categories for students with disabilities.

Student lines of credit

If you need additional funds for your studies, you can apply for a student line of credit through a student line of credit. This can be very useful, however, there are stricter repayment policies, requirements and interest rates. Certain lines of credit require a cosigner to be approved, in order to reduce the risk for the bank. This may create a lower interest rate for you, however, some lines of credit start accumulating interest from the time the loan is given. This means that you might have to make monthly payments while attending school.

Good to know

To compare the best student lines of credit available now, take a look at our student loan guide.

Private bank loans

You may choose to get a loan from a bank to pay for your college studies. Keep in mind that bank loans require you to make repayments in installments. Therefore, we recommended only borrowing the exact amount to need to keep your payments manageable.

Good to know

To find a great deal on a personal loan take a look at our comparison tool.

Provincial student loans

The Canada Student Loans Program handles federal educational aid. However, in addition to this, provincial authorities offer funding to their residents. Below you will find a table comparing provincial funding:

Province/TerritoryInterest RateSpecial Feature
Fixed: 2.0% Prime (CIBC)
A choice between a fixed and variable rate
British Columbia
PrimeEasy online application, special programs for students with dependents
0.0%Zero interest student loans
New Brunswick
Prime + 2.0%Unique Free Tuition plan
Newfoundland and Labrador
N/ANon-refundable grants for approved students
Northwest Territories
1.0% below Prime0.0% interest for those who live in NWT after school
Nova Scotia
0.0%Zero interest for qualified borrowers
1.0% below PrimeSpecial grants for lower-income households
1.0% + PrimeN/A
Prince Edward Island
0.0%No app required for bursaries, just enrollment
0.50% + PrimeLoans and grants for full and part-time students
Prime + 2.0%No provincial student aid option, federal only
Prime + 2.0%Academic excellence offers further aid
Student loan interest calculator

Interested in learning more? Take a deep dive with our student loans guide.

How do I use your student loan calculator?

To find out what repayments you will owe if you take out a student loan, all you have to do is fill in these details to our calculator:

  • The amount of the loan
  • How soon you want to repay this loan
  • The interest rate

Once this data is collected, the student loan calculator will give you an idea of your monthly payments.

Our online student loan calculator is only an indicator, however, it can still be very useful when applying for your student loan.

How to calculate your borrowing capacity for a student loan?

Borrowing capacity is a way to check you can repay the money you are lent. The basic formula for calculating borrowing capacity is:

Good to know

Your income - fixed charges = borrowing capacity

Your borrowing capacity will vary depending on these factors:

  • The debt ratio
  • The amount of personal contribution
  • The type of loan (fixed or variable)
  • The amount of monthly payments
  • The duration of the loan
  • Your age and state of health

How much student loan can you get?

The amount you can get for your student loan will depend on several factors:

  • Your family income
  • Your province or territory of residence
  • If you have dependents (people who rely on your financially)
  • Your tuition fees and living expenses
  • If you have a disability

The exact amount you receive is calculated once you've applied, taking into account all the details you provide.

What are student loan interest rates?

The interest rate of your student loan varies depending on the bank or organization granting the loan. However, it can generally be estimated that this rate will be around 2.95%

On the date of publication, the current interest rates for all new undergraduate student loans are 2.5%, plus prime. Plus prime is the average bank prime rate in Canada, which often changes. In January 2019, for example, the prime rate was 3.95% which is extremely high. It is important to be aware of the changing prime rates.

Student loan amortization table

You will find a table below summarizing the different payments according to the amortization (amount being paid back) and the amount of the loan. The average interest rate for student loans is 2.95%. This has been used as an example in the table below.

Loan amountRepayment time (years)Interest rateMonthly payments
52.95% $89.73
102.95% $48.17
52.95% $179.46
102.95% $96.33
52.95% $269.20
102.95% $144.50
152.95% $103.23
52.95% $358.93
102.95% $192.66
152.95% $137.64
202.95% $110.42
Monthly payments for student loans with an interest rate of 2.95%

Good to know

It is important to understand that the student loan interest rate is an average estimate. In actuality, the rate will vary according to the lender, but also the amount borrowed. The higher the interest rate, the higher the monthly payments will be.

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.