About the Canada Student Loan Calculator
This Canada student loan calculator estimates your monthly payment once your six-month non-repayment period ends, and checks whether the federal Repayment Assistance Plan (RAP) would reduce it based on your family income and family size. Enter the federal Canada Student Loan balance and any provincial loan balance shown in your National Student Loans Service Centre (NSLSC) account, your provincial interest rate and the repayment term.
The federal portion is interest-free: under the Canada Student Financial Assistance Act no interest is payable on Canada Student Loans from April 1, 2023, so the federal payment is simply the balance divided by the number of months. Provincial loans follow each province’s rules: some provinces have also removed interest, while others charge a rate tied to prime, so enter the rate on your own statement. The default term of 114 months matches the regulations, which amortize the loan over 120 months from leaving school, minus the six-month non-repayment period.
For RAP, the calculator applies the affordable-payment formula in section 19 of the Canada Student Financial Assistance Regulations with the monthly income thresholds in effect from August 1, 2026 as published on Canada.ca (for example $3,866 a month for a single borrower). If your gross family income is at or below the threshold, your payment is $0; above it, the affordable payment rises with income but never exceeds 10% of family income. Provincial RAP thresholds can differ, and the NSLSC makes the official assessment.
With the default inputs, the estimated monthly payment is $0.00. Change any value above to recalculate instantly.
How to use the canada student loan calculator
- 1Enter your federal and provincial loan balances from your NSLSC account.
- 2Enter the provincial interest rate on your statement (0% if your province has removed interest).
- 3Keep the 114-month term or enter a revised term of up to 15 years from leaving school.
- 4Enter your gross annual family income and family size to test the Repayment Assistance Plan.
- 5Compare the standard payment with the RAP affordable payment and review the income table.
Formula and method
The standard payment adds the federal balance F spread evenly over n months (no interest is payable on Canada Student Loans since April 1, 2023) to the provincial balance P amortized at the provincial monthly rate r.
The Repayment Assistance Plan affordable payment follows section 19(2) of the Canada Student Financial Assistance Regulations. X is monthly gross family income, Y the monthly income threshold for your family size and Z the monthly increment from Schedule 1 (from $250 for one person to $725 for seven or more). If X is at or below Y the payment is $0. Otherwise the payment is X times the lesser of 10% and 1.5 × [(X − Y) ÷ 100Z + 0.01], both multiplied by A, your share of the combined student loan principal if your spouse or partner also has loans. You qualify when the affordable payment is lower than your required payment. Thresholds are indexed to CPI every August 1; this tool uses the figures in effect from August 1, 2026.
- F, P
- Federal and provincial loan balances
- r, n
- Provincial monthly interest rate and number of monthly payments
- X
- Gross monthly family income
- Y, Z
- Monthly income threshold and monthly increment for your family size
- A
- Your share of combined borrower-and-spouse loan principal (1 if only you have loans)
Worked examples
Single graduate, $35,000 total debt, $42,000 income
With 114 interest-free months, $25,000 federal and $10,000 provincial at 0% cost $35,000 ÷ 114 = $307.02 a month. A single borrower’s RAP threshold is $3,866 a month ($46,392 a year); $42,000 a year is $3,500 a month, below the threshold, so the RAP payment is $0.
Single, $55,000 income — reduced RAP payment
Monthly income is $4,583.33, which is $717.33 over the $3,866 threshold. The rate is 1.5 × (717.33 ÷ 25,000 + 0.01) = 5.80%, so the affordable payment is about $266.02 — $41 less than the $307.02 standard payment.
Family of three, $90,000 income, provincial loan at 6%
The federal $30,000 costs $263.16 a month over 114 months and the provincial $20,000 at 6% costs $230.59, for $493.75. Family income of $7,500 a month is $1,944 above the $5,556 threshold for three people, giving a rate of 1.5 × (1,944 ÷ 42,500 + 0.01) = 8.36% and an affordable payment of $627.09 — higher than the standard payment, so RAP would not help. Provincial interest totals about $6,287.
Frequently asked questions
Do Canada Student Loans charge interest?+
No. Under section 7 of the Canada Student Financial Assistance Act, no interest is payable on federal Canada Student Loans beginning April 1, 2023. Interest that accrued before that date is still owed, and provincial loans follow their own province’s rules.
When do I have to start repaying my Canada student loan?+
There is a six-month non-repayment period after you leave full-time or part-time studies. Interest-free federal balances still need repaying once it ends, so your first payment is generally due about seven months after you stop being a student; the NSLSC confirms the exact date and amount.
Who qualifies for the Repayment Assistance Plan?+
You can qualify if you live in Canada and your affordable payment, based on gross family income and family size, is lower than your required payment. At or below the threshold ($3,866 a month for one person from August 2026) the payment is $0. You reapply every six months.
What happens to interest while I am on RAP?+
The federal portion is interest-free anyway. In the first stage the government covers interest your reduced payment does not cover on the federal part; after 60 months of RAP or 10 years from leaving school it also starts paying down principal so the loan is repaid within 15 years (10 for borrowers with a permanent disability).
How long is the standard repayment term?+
The regulations amortize full-time loans over 120 months from the day you leave school, which leaves 114 monthly payments after the six-month non-repayment period. You can ask the NSLSC to revise the term, generally up to 15 years after leaving school, to lower your payment.
Is student loan interest tax-deductible in Canada?+
Interest paid on government student loans earns a 15% federal non-refundable tax credit, claimed on line 31900 of your return, and provinces offer their own credits. Interest on private loans and lines of credit does not qualify.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.