Repayment Calculator

Find out what your monthly payments will be when you leave school.

What you have to pay back after you leave school depends on the amount of your debt, repayment period and interest rate.

Total repayable loan debt: The amount of OSAP loan you owe after any Ontario Student Opportunity Grants have been deducted.

Repayment period: The usual loan repayment period is 9.5 years.

You can repay your OSAP student loans as quickly as you like or take up to 15 years. The faster you repay, the higher your monthly loan payments, but the lower your total interest payments will be.

Interest rate: The amount you have to pay to borrow money.

On the provincial part of your OSAP loan, the rate is the prime rate of interest plus 1%. On the federal portion interest rate can be the prime rate of interest plus 2.5%.

6 month grace period: You do not have to begin repaying your student loan for 6 months after completing your studies.

Ontario portion of your OSAP loan: The Ontario portion of your OSAP loan is both interest free and payment free during this 6 month grace period.

Federal portion of your OSAP loan: Interest will still grow on your federal loan.

Ontario Student Opportunity Grant
May limit your yearly debt to a maximum of $7,500 for 2 terms or $11,250 for 3 terms.
Interest relief
You may be able to suspend your monthly OSAP loan payments if you can't afford to make them.
Revision of Repayment Terms
You can change your monthly payment by increasing the number of months you will take to pay off your loan.
Debt Reduction in Repayment
May help you reduce your debt if you are still having difficulties repaying 5 years after school.
Repayment Assistance Plan
Helps you repay your debt through reasonable and affordable payments.

Repayment Calculator
To find out your monthly payments, enter:
  • an estimate of your total student debt (once you've left school)
  • repayment period - the length of time you want to take to repay your debt.
  • interest rate - the current prime interest rate is given, but you can change it
Then select "Calculate Monthly Payment"

(After Ontario Student Opportunity Grant)

(Number of months you choose to repay)


Estimated Monthly Payment
Your estimated monthly payment:
$ 0
$ 0