Student Loan Calculator

Our free student loan calculator helps you estimate your student loan interest rate, monthly payments, and total interest for both government and private student loans. This calculator estimates the interest rate for government student loans based on the current prime rate and the premium the provincial governments apply to the provincial portion of the student loan. This student loan calculator allows you to see your effective interest rate on a government loan and the complete repayment schedule.

To use this student loan calculator, follow the following steps:

1. Start by choosing your province and selecting whether it’s a government or a private loan.
2. If it’s a government loan, you can input the portion owed to the federal government and the portion owed to the provincial government. If it’s a private loan, provide your total loan amount.
3. Enter your loan term, which has a standard repayment period of 114 months and is limited to a maximum of 174 months for student loans.
4. If you choose the private loan, you must enter the interest rate offered for the loan. If you have a government loan, the prime rate and the variable interest rate that is based on the prime rate are calculated for you using the provincial student loan rates data.

Once you have entered these numbers, the student loan calculator will provide you with

• An estimated monthly payment amount.
• Your effective interest rate.
• The total amount of interest you will pay over the life of your loan.
• The complete monthly payment schedule.
• A pie chart visualizing how much interest you pay on the loan compared to the principal.

For federal student loans, you'll also see your current student loan interest rate based on today's prime rate. You can then use this information to compare different repayment options and decide which option is best for you. For example, you may want to lower your monthly payments by extending your loan term or increase your loan payment to lower your interest expense.

Remember, the numbers shown in this calculator are estimated - your actual monthly student loan payment and total interest paid may be different depending on the terms of your loan and other factors. It also may change over time if you have a government loan or a variable private loan. The discrepancies may also come from additional fees or interest-free periods. If you have trouble making payments, there are many student loan forgiveness options in Canada.

The interest on Canada Student Loans has been permanently eliminated for the federal portion of the loan as of April 1st, 2023. Your province may also still charge interest on the provincial portion of your student loan during this period. The table below shows the student loan interest rates for the provincial portion of the government student loans.

Note: Current prime rate is 4.45% as of February 03, 2026.

Check your National Student Loans Service Centre (NSLSC) account to view your federal and provincial portions, as well as your current student loan rate.

If a government student loan is not available or is not enough, you may consider private student loans that are often offered by banks across Canada or credit unions provincially. You may get a private student loan for one-time funding or a student line of credit to have access to revolving credit you can freely use when needed. These unsecured loans have lower interest rates than personal loans, but unlike government student loans, you may be required to start repayment with interest charged while you are still in school.

You can get a private student loan even if you have government funding, such as OSAP funding in Ontario. If you decide to take out a student loan, make sure you understand the terms and conditions, including the repayment schedule.

RBC Royal Credit Line for Students Rates

Current Interest Rates as of February 3rd, 2026

Medical and Dental Students: Starting from 4.20% (Prime - 0.25%)

TD Student Line of Credit Rates

Current Interest Rates as of February 3rd, 2026

Undergraduate Students: Starting from 5.45% (Prime + 1%)

Graduate Students: Starting from 4.95% (Prime + 0.5%)

Professional Programs*: Starting from 4.45% (Prime)

Medical, Dental, and Veterinary Students: Starting from 4.20% (Prime - 0.25%)

*Includes MBA, MFin, Optometry, Pharmacy, and Law students

CIBC Student Line of Credit Rates

Current Interest Rates as of February 3rd, 2026

Undergraduate and Graduate Students: Starting from 5.45% (Prime + 1%)

Veterinary, Pharmacy, Law, Occupational Therapy, Physiotherapy, Accounting, Nursing, and Engineering Students: Starting from 5.45% (Prime + 1.0%)

Chiropractic Medicine and Business Students (MBA and EMBA): Starting from 4.45% (Prime)

Medical, Dental, and Optometry Students: Starting from 4.20% (Prime - 0.25%)

Conexus Credit Union Line of Credit Rates

Current Interest Rates as of February 3rd, 2026

Student Line of Credit: Starting from 5.95% (Prime + 1.50%)

If you have a government student loan, you have up to 174 months, or approximately 14.5 years, to repay it, whereas a typical repayment term is 114 months, or around 9.5 years. If you have private student loans, the repayment terms will vary depending on the lender. However, even if your loan has a long repayment period, it's essential to make student loan payments as soon as possible to minimize the interest cost of the loan. You can easily make extra lump-sum payments or increase your monthly payment amount to pay off your student loan earlier.

There is a 15% income tax credit for government student loan interest; however, you may still want to avoid paying interest. The longer it takes you to repay your loan, the more interest you'll accrue, and the more money you'll ultimately have to pay back.