Calculate the fixed monthly payment using an amortization formula or an online calculator. Determine the loan’s principal amount, interest rate, and term. Please enter numbers without spaces or commas (e.g. Although we have produced our amortization schedule for free download below, if you wish to create your own, here are the steps. If you want to compare different repayment options, enter each set of numbers in its own column and your results will be displayed side by side. You can change and resubmit any of the numbers you enter. The Loan Repayment Estimator will display your results at the bottom of the column. Check out Repay a Canada Student Loan - Update payment options for more information. However, student loans that are under an alternative payment plan offer terms from 10 to 25 years. You may however, request a longer repayment period of up to 174 months (with the non-repayment period) or 180 months (without) by changing For federal student loans under a standard repayment plan, the default loan term is 10 years.
Payments you make during the six-month non-repayment period will be applied directly to the principal of your loan. The standard number of payments is 114 if you start your payments 6 months after studies, or 120 if you do not.
Make to repay your Canada Student Loan or other government student loans.Īll you need to do is enter the total amount of your loan(s), chooseĪn interest rate option, and decide on the number of monthly payments that you would like to make. The Loan Repayment Estimator can help you estimate the monthly payments you will need to
