Student Loan Calculator
Calculate student loan payments and total repayment cost.
2026 Tax YearData stays on your deviceUpdated Apr 1, 2026
$
Federal loans: prime + 0%, Provincial varies
Monthly Payment
$325.58
Total Interest
$9,069.46
Total Repaid
$39,069.46
Frequently Asked Questions
Is student loan interest tax deductible?
Yes, interest paid on federal and provincial student loans qualifies for a non-refundable tax credit. You can claim interest paid in the current year or carry it forward for up to 5 years.
What is the repayment assistance plan (RAP)?
If you are struggling to repay, RAP can reduce your payments based on income. Stage 1 reduces payments; Stage 2 (after 60 months) may cover interest so your payments go entirely to principal.
When do I start repaying?
Federal student loans have a 6-month grace period after leaving school. Interest may still accrue during this period on the federal portion. Provincial terms vary.
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.
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