Enter your Canada Student Loan and provincial loan balances to see your monthly payment after the six-month grace period, the interest you'll pay, and whether the Repayment Assistance Plan could lower it.
The federal part
The Ontario part
Quebec, NWT and Nunavut have their own programs
Provincial rates follow your lender’s prime rate
Gross, a year
Monthly payment
$247.22
For 9.5 years, starting 6 months after you finish school
What this means
The federal part is interest-free, but the Ontario part charges 5.45%. If you pay extra, put it towards the provincial part first.
If the payment is hard to afford, the Repayment Assistance Plan can lower it. Payments stop altogether while family income is at or below $3,866 a month for a family of 1.
| Federal part | $131.58 a month |
| Ontario part | $115.64 a month |
| Interest during the 6-month grace period | $273 |
| Total interest | $3,183 |
| Province | Provincial part |
|---|---|
| British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, PEI | No interest |
| Alberta | Prime |
| Ontario | Prime + 1% |
| Saskatchewan | Prime + 2.5% |
Quebec, the Northwest Territories and Nunavut run their own student aid programs, and Yukon students borrow from the federal program only. Prime-linked rates float, so payments can change when the Bank of Canada moves its rate.
Last updated
No. The federal part of Canada Student Loans has been permanently interest-free since April 1, 2023. Some provinces charge interest on their part, usually linked to the prime rate.
Six months after you finish school. Then the standard term is 114 monthly payments (9.5 years), so about 10 years from when you finish. You can ask to stretch it to as long as 14.5 years.
RAP lowers your payment if it's more than you can afford, based on your family income and size. If your family income is low enough, you pay nothing while you're on the plan. You apply through the National Student Loans Service Centre (NSLSC) and reapply every six months.
If your provincial part charges interest, extra payments there save you money. The federal part is interest-free, so there's little reason to rush it; an emergency fund, an RRSP or a TFSA may do more for you.