Student Loan Calculator
See how your monthly student loan payments impact your take-home pay. Check if your income qualifies for the Repayment Assistance Plan (RAP).
Student Loan Details
Impact on Take-Home Pay
Monthly Payment
$300Annual Payment
$3,600% of Take-Home Pay
8.2%Canadian Student Loans: Canadian federal student loans have had 0% interest since April 2023. Repayment Assistance Plan (RAP) is available for those with low income. Enter your monthly payment to see its impact on your annual take-home pay.
Canadian Student Loans
0% Interest: Since April 2023, the federal government eliminated interest on Canada Student Loans and Canada Apprentice Loans. Most provincial loans still charge interest.
Standard Repayment: Fixed monthly payments over up to 10 years based on your loan balance, managed through the National Student Loans Service Centre (NSLSC).
Repayment Assistance Plan (RAP): If your income is low, you can apply for RAP to cap your payments at an affordable level. After 15 years (or 10 years if disabled), remaining eligible balances are forgiven.
Frequently asked questions
Is there interest on Canada Student Loans?
No. Since April 2023, the federal government eliminated interest on Canada Student Loans and Canada Apprentice Loans. However, most provincial student loans still charge interest, so your total loan may still accrue some interest.
What is the Repayment Assistance Plan (RAP)?
RAP caps your student loan payments at an affordable level based on your income. If your income is low, your payments may be reduced to zero. After 15 years of repayment (or 10 years if disabled), remaining eligible federal loan balances are forgiven.
How long do I have to repay my Canada Student Loan?
The standard repayment period is up to 10 years with fixed monthly payments, managed through the National Student Loans Service Centre (NSLSC). You can choose to pay more each month to reduce the total repayment period.
Sources
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Last updated April 2026. Reflects 2026 tax year rates.