Student Loan Repayment Calculator
See how long it will take to pay off your student loans, how much interest you'll pay, and whether investing the difference makes more sense than paying down a 0% federal loan faster.
Your Student Loan Details
Federal student loans are 0% interest since Nov 2023. Ontario charges 3.5% on provincial loans.
Payoff Time
6y 0m
72 months total
Total Interest
$501
On provincial portion only
Total Paid
$28,501
Principal + interest
Debt-Free By
Apr 2032
At $400/mo
Loan Balance Over Time
Should You Pay Fast or Invest?
Since your federal student loan is at 0% interest, putting extra money into a TFSA earning ~7% annually may be smarter than paying it off early. Here's the comparison over your payoff period:
Invest the Extra in a TFSA
$21,600
Growth from investing $200/mo at 7% return
Pay Off 0% Loan Faster
$0
Interest saved by paying faster (it's 0%, so you save nothing)
Investing wins by $21,600
Putting your extra payments into a TFSA instead of aggressively paying down a 0% loan could leave you $21,600 richer. The math clearly favors investing when the loan is interest-free.
Repayment Assistance Program (RAP)
With an income of $45,000, you likely exceed the RAP income threshold. RAP is designed for borrowers earning below approximately $40,000 per year. If your income drops in the future, you can reapply.
Canadian Student Loan Interest Rates
| Loan Type | Interest Rate | Notes |
|---|---|---|
| Federal (CSL) | 0% | Interest-free since November 2023 |
| Alberta | 3.5% | Prime-based rate |
| British Columbia | 0% | Interest-free |
| Manitoba | 3.5% | Prime-based rate |
| New Brunswick | 0% | Interest-free |
| Newfoundland & Labrador | 3.5% | Prime-based rate |
| Nova Scotia | 0% | Interest-free |
| Northwest Territories | 3.5% | Prime-based rate |
| Nunavut | 3.5% | Prime-based rate |
| Ontario | 3.5% | Prime-based rate |
| Prince Edward Island | 3.5% | Prime-based rate |
| Quebec | 0% | Quebec has its own student aid system (AFE) |
| Saskatchewan | 3.5% | Prime-based rate |
| Yukon | 3.5% | Prime-based rate |