Loan Repayment Estimator

Results

This table lets you enter up to two repayment options for quick comparison
Loan Repayment Estimator Option 1
Total amount of your loan at the end of your studies $ 0
Select a fixed or floating interest rate Footnote  1 Fixed
Prime rate to be used for your calculations (%) 3.95%
Non-repayment period options Do not take advantage of non-repayment period, i.e. start to repay your loan immediately after the end of your studies
Select number of months you will need to repay your loan 120
Non-repayment period interest $ 0
Total amount of your loan to be reimbursed $ 0
Amount of each monthly payment $ 0
Total interest payable over the life of your loan $ 0
Total amount payable $ 0

Fixed Rate: Fixed rate is a stable rate of interest. If you negotiate a fixed rate with your loan providers, you will be charged the same interest rate throughout your repayment period.

The Loan Repayment Estimator uses a fixed rate of prime + 5%. For example, if the prime rate is 4.5%, fixed rate on the Loan Repayment Estimator will be 9.5% (4.5% + 5% = 9.5%). See also prime rate and floating rate.

Floating rate: Floating rate is a rate of interest that varies over time with the prime rate. If you negotiate a floating rate with your loan providers, the interest you are charged during repayment of your loan will increase and decrease along with the prime rate.

The Loan Repayment Estimator uses a floating rate of prime + 2.5%. For example, if the prime rate is 4.5%, floating rate on the Loan Repayment Estimator will be 7% (4.5% + 2.5% = 7%).

See also prime rate and fixed rate.

Prime rate: The rate used as a base to calculate the interest applied to a Canada Student Loan. This prime rate is calculated using the interest rates declared by the five largest Canadian financial institutions as their prime rate. The Canada Student Loans Program calculates its prime rate by eliminating both the highest and the lowest of those five rates and taking the average of the remaining three.

The five institutions include the Bank of Montreal, the Canadian Imperial Bank of Commerce, the Bank of Nova Scotia, the Royal Bank of Canada and TD Canada Trust.

Number of monthly payments: If you take advantage of the 6-month non-repayment period, 114 monthly payments represent a total repayment period of 9.5 years (10 years x 12 monthly payments less your 6-month non-repayment period).

If you do not take advantage of the 6-month non-repayment period, 120 monthly payments represent a total repayment period of 10 years (10 years x 12 monthly payments).

You can select a shorter repayment period by entering a lower number of monthly payments.

Note:

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