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Student debt calculator
Use this calculator to compare up to 3 different student loan options. By filling in different information in each option, you can see which scenario best fits your repayment goals. You’ll also see how increasing your monthly payments can reduce the time to pay back your loan.
Option 3
Option 2
Option 1
Name of loan:
Total amount of loan:
$
   
0 $200,000  
Type of loan:

You can have a loan with a fixed rate or one with a variable rate. A fixed rate will not change throughout the term of the loan, while a variable rate is the combination of the prime rate, plus an additional percent amount provided by your financial institution.

If you have a loan with a variable rate, the rate will change over the term of the loan. Since future rates cannot be predicted, accurate predictions can only be made using fixed rates.

   Government-sponsored

We have assumed that the interest rates on government sponsored loans are equivalent to Canada Student Loans, which carry a maximum fixed interest rate of the prime rate plus 5% or a maximum variable rate of the prime rate plus 2.5%. Provincial student loans have different interest rates varying from province to province, so your results may differ. Interest on government-sponsored loans, such as the Ontario Student Assistance Program (OSAP), generates a tax credit, while interest on non-government loans does not.

There is a 6-month grace period on government-sponsored student loans where payments are not required. However, during this period interest will accumulate. For the purpose of this calculation, we have assumed that loan repayments start immediately after graduation.

Yearly interest rate:
%  
   
  0 30%  
Payback period:
The length of time, in years, required to completely pay back the loan.
years  
   
  0 20 years  
Monthly payment amount:
$ 0.00  
Name of loan:
Total amount of loan:
$
   
0 $200,000  
Type of loan:

You can have a loan with a fixed rate or one with a variable rate. A fixed rate will not change throughout the term of the loan, while a variable rate is the combination of the prime rate, plus an additional percent amount provided by your financial institution.

If you have a loan with a variable rate, the rate will change over the term of the loan. Since future rates cannot be predicted, accurate predictions can only be made using fixed rates.

   Government-sponsored?

We have assumed that the interest rates on government sponsored loans are equivalent to Canada Student Loans, which carry a maximum fixed interest rate of the prime rate plus 5% or a maximum variable rate of the prime rate plus 2.5%. Provincial student loans have different interest rates varying from province to province, so your results may differ. Interest on government-sponsored loans, such as the Ontario Student Assistance Program (OSAP), generates a tax credit, while interest on non-government loans does not.

There is a 6-month grace period on government-sponsored student loans where payments are not required. However, during this period interest will accumulate. For the purpose of this calculation, we have assumed that loan repayments start immediately after graduation.

Yearly interest rate:
%  
   
  0 30%  
Payback period:
The length of time, in years, required to completely pay back the loan.
years  
   
  0 20 years  
Monthly payment amount:
$ 0.00  
Name of loan:
Total amount of loan:
$
   
0 $200,000  
Type of loan:

You can have a loan with a fixed rate or one with a variable rate. A fixed rate will not change throughout the term of the loan, while a variable rate is the combination of the prime rate, plus an additional percent amount provided by your financial institution.

If you have a loan with a variable rate, the rate will change over the term of the loan. Since future rates cannot be predicted, accurate predictions can only be made using fixed rates.

   Government-sponsored?

We have assumed that the interest rates on government sponsored loans are equivalent to Canada Student Loans, which carry a maximum fixed interest rate of the prime rate plus 5% or a maximum variable rate of the prime rate plus 2.5%. Provincial student loans have different interest rates varying from province to province, so your results may differ. Interest on government-sponsored loans, such as the Ontario Student Assistance Program (OSAP), generates a tax credit, while interest on non-government loans does not.

There is a 6-month grace period on government-sponsored student loans where payments are not required. However, during this period interest will accumulate. For the purpose of this calculation, we have assumed that loan repayments start immediately after graduation.

Yearly interest rate:
%  
   
  0 30%  
Payback period:
The length of time, in years, required to completely pay back the loan.
years  
   
  0 20 years  
Monthly payment amount:
$ 0.00  

Results

Save more on interest

By increasing your monthly payment by $50 you could save money on interest and decrease your payback period.

By increasing your monthly payment by $100 you could save money on interest and decrease your payback period.

Any results or calculations displayed on this site are made available for information purposes only, and do not constitute financial or legal advice. By using this calculator, you agree to our Website and Social Media Terms of Use and Privacy Policy. This link will open in a new window

View assumptions here.

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