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
$300
Annual Payment
$3,600
% of Take-Home Pay
8.3%
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.
Sources
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Last updated April 2026. Reflects 2026 tax year rates.