Whether it's a Canada Student Loan, a provincial loan, or a student line of credit, this tool shows your monthly payment, total interest, and how fast the balance clears. Since 2023 the federal portion of Canada Student Loans is interest-free — set the rate to reflect only the part that still charges interest.
How this works. This models a fixed-rate loan repaid in equal monthly payments. Since April 1, 2023 the federal portion of Canada Student Loans no longer charges interest — enter a rate that reflects only the interest-bearing part (a provincial loan or a student line of credit). Provincial rules and line-of-credit rates vary, and lines of credit may allow interest-only payments while you study. This is an independent tool, not a loan offer or financial advice.