Enter your balance, the interest rate, your monthly payment and any extra amount to see the payoff time, total interest and payoff date. The calculator applies one rate to the whole balance, so for a loan with an interest-free federal part and an interest-bearing provincial part, run the two parts separately: the federal part of a Canada Student Loan charges 0%, and each province’s rate is in the interest-by-province table on the student loans hub.
Student Loan Repayment Calculator
Reading the results
Payoff time counts the months until the balance reaches zero at the payment you entered (up to 50 years). Total interest is what you pay above the balance; at 0% it is $0, and extra payments only bring the payoff date closer. On an interest-bearing loan, each extra dollar goes to principal, which cuts both the time and the interest.
A $30,000 balance at 0% (an interest-free federal portion):
| Monthly payment | Payoff time | Total paid |
|---|---|---|
| $250 | 10 years | $30,000 |
| $350 | 7.1 years | $30,000 |
| $500 | 5 years | $30,000 |
| $750 | 3.3 years | $30,000 |
The same $30,000 at 5% (an interest-bearing balance):
| Monthly payment | Payoff time | Total paid | Interest paid |
|---|---|---|---|
| $250 | 13.9 years | $41,676 | $11,676 |
| $350 | 8.9 years | $37,191 | $7,191 |
| $500 | 5.8 years | $34,594 | $4,594 |
| $750 | 3.7 years | $32,886 | $2,886 |
What the calculator doesn’t model
- Repayment assistance. If the payment is more than you can afford, the Repayment Assistance Plan sets it from family income instead, down to $0, and the government covers what it doesn’t; the payoff time then no longer depends on your payment.
- The grace period. Payments start six months after you leave school. In Ontario and Saskatchewan the provincial portion charges interest during those months, so the balance on your first payment date can be higher than what you borrowed.
- Forgiveness. Federal and provincial programs can cancel part of the loan for some occupations and for graduates who finish on time; see student loan forgiveness in Canada.
- The tax credit. Interest paid on a government student loan earns a federal credit of 14% for 2026, plus a provincial credit, which lowers the real cost of an interest-bearing portion. The student loan interest tax credit section of the payoff guide has a worked example.
- Private debt. A student line of credit has no repayment assistance or tax credit; enter its rate to compare.
Using the results
With more than one loan, the order you pay them in matters only for the ones that charge interest: debt avalanche vs snowball compares paying the highest rate first with paying the smallest balance first. How to pay off student loans covers extra payments, lump sums, consolidation and whether to pay a 0% loan or invest. If payments are already being missed, what happens if you can’t pay your student loan explains the timeline to default and the way back. For an Ontario estimate of how much you might borrow in the first place, see the OSAP calculator and the OSAP guide.
Sources
The figures and rules on this page come from these sources, last checked against them between September 5, 2026 and September 28, 2026. How we check facts.
- Canada Revenue Agency: Current year tax rates and income brackets (2026) - Personal income tax
- Government of Ontario: Pay back OSAP