Loans Calculators · Canada
Student loan payoff calculator.
Calculate how extra payments help you pay off student debt faster and save on interest. Works for OSAP, federal Canada Student Loans, and private student debt.
Inputs
Payoff comparison
Fill the form and press Calculate.
Paying off student loans in Canada
Student debt is a reality for most Canadian graduates. With a solid repayment strategy, you can become debt-free faster than you think.
Student loan types in Canada
- Federal loans: Canada Student Loans (CSL) with prime rate.
- Provincial loans: OSAP (Ontario), StudentAid BC, etc.
- Private loans: bank loans with higher rates.
- Student LOC: student lines of credit with variable rates.
Repayment strategies
Avalanche method: pay minimum on all loans, extra toward highest interest rate.
Snowball method: pay minimum on all loans, extra toward smallest balance for psychological wins.
Income-driven: adjust payments based on income (Repayment Assistance Plan available).
Tax benefits
Interest paid on government student loans is tax-deductible in Canada. Keep your loan statements and claim interest on your tax return. Unused amounts can be carried forward up to 5 years.
Disclaimer
This calculator provides estimates based on fixed interest rates and consistent payments. Actual payoff times may vary. Consult your loan servicer for specific repayment options and terms.