Student Loan Repayment Calculator
Your government student loan is two loans: a federal portion at 0% and a provincial portion that may charge interest. Plan the payoff and put every extra dollar where it counts.
Rates and rules shown as of 2026-08-04. Verify with your loan servicer before making decisions.
Your loan details
The federal portion has charged 0% interest permanently since April 1, 2023.
Your provincial portion is charged 5.45% at the prime rate entered below.
Editable. Canadian prime is 4.45% as of the date above; your provincial rate moves with it.
NSLSC standard is 114 months (9.5 years); maximum 174 months (14.5 years).
Official source
OSAP: Ontario Student Assistance ProgramHow Canada student loan repayment works
Outside Quebec, the NWT and Nunavut, your "student loan" is really two loans serviced together by the National Student Loans Service Centre (NSLSC): a federal portion, which has charged 0% interest permanently since April 1, 2023, and a provincial portion whose rate depends on where you studied. Ontario charges prime + 1%, Alberta charges prime, Saskatchewan offers prime (floating) or prime + 2.5% (fixed), and BC, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia and PEI charge nothing. Rates shown are as of 2026-08-04. Interest that accrued on the federal portion before April 2023 is still owed.
Because only the provincial portion can charge interest, allocation order matters. A dollar of extra payment directed at an interest-bearing provincial balance saves future interest; the same dollar against the 0% federal balance saves nothing. If you make extra payments, ask your servicer to apply them to the provincial (or AFE) portion specifically.
After you leave full-time studies you get a 6 month non-repayment period; your first payment is due the first day of the seventh month. No interest accrues federally during this window, but Ontario and Saskatchewan provincial portions (and Quebec AFE loans) do accrue interest. Voluntary payments during the window go entirely to principal.
If money is tight, the Repayment Assistance Plan (RAP) can reduce your federal-portion payment to as little as $0 depending on family income and size, with the affordable payment capped at 10% of gross monthly family income. You must reapply every 6 months. Details: Repayment Assistance Plan
Interest paid on government student loans earns a 15% federal non-refundable credit on line 31900, plus a provincial credit on line 58520 of Form 428. Lines of credit and private loans never qualify. Since the federal portion charges 0%, this credit now mainly applies to provincial-portion interest, Quebec AFE interest, and pre-2023 federal interest. Unused amounts carry forward 5 years, and only the borrower can claim them.
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Frequently Asked Questions
Last updated: July 2026
Outside Quebec, the NWT and Nunavut, a government student loan is funded jointly: a federal portion (the Canada Student Loan) and a provincial portion, serviced together by the National Student Loans Service Centre (NSLSC) as a single integrated loan with one monthly payment. The NSLSC shows one balance, but the two portions can carry different interest rates. The federal portion has charged 0% permanently since April 1, 2023; the provincial portion depends on your province: Ontario charges prime + 1%, Alberta prime, Saskatchewan prime or prime + 2.5% fixed, while BC, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia and PEI charge 0%.
Toward the interest-bearing portion, which is always the provincial portion (or the Quebec AFE loan). The federal portion charges 0% interest, so prepaying it saves nothing; it only shortens a free loan. In an interest-charging province, ask your loan servicer to direct extra payments specifically at the provincial portion. In the six provinces where both portions are 0%, allocation does not matter at all; only the total payment size changes your payoff date.
Reviewed by Alexandre Bernier, CFP®, CIM®
Educational tool - estimates only. Not individualized financial, investment, tax, or legal advice. Using it does not create an advisor-client relationship. Rules and figures change; verify against current CRA sources and consult a qualified professional. Editorial policy →