Tax Calculator CanadaPay · tax · GST/HST · 2026Calculators

Ontario and Canada student loans · rules checked November 13, 2026

OSAP Repayment Calculator

Enter what you owe on the Canada and Ontario parts of your OSAP loan to see your monthly payment, the interest you'll pay and when the loan is paid off. The Canada part has charged no interest since April 1, 2023; the Ontario part is prime + 1%, 5.7% today.

Pay it back over
OSAP repayment · 114 payments
Ontario grace-period interest
+$285.00
Canada part a month
$175.44
Ontario part a month
$117.05
Monthly payment
$292.49
Total interest
$3,343.86
Total paid
$33,343.86
First payment
1 November 2027
Paid off
April 2037

An estimate. The Ontario rate floats with prime and interest is charged daily; your payment is set from the rate on your first payment date.

Ontario’s Pay back OSAP page →

Rules checked November 13, 2026. Not affiliated with OSAP or the NSLSC.

How the calculator works

  1. Grace period: no payments for 6 months. Ontario interest (5.7% a year, worked out monthly here) builds on the Ontario balance and is added to it; the Canada balance doesn't grow.
  2. Canada part: the balance ÷ 114 months. No interest.
  3. Ontario part: a level monthly payment that clears the grown balance in 114 months at the rate on your first payment date.
  4. Your payment is the two added together. The National Student Loans Service Centre charges simple interest daily, so the real figure can be a few dollars different.

Example: $30,000 of OSAP ($20,000 Canada, $10,000 Ontario)

9½ years (standard)14½ years (longest)
Ontario grace-period interest$285.00$285.00
Canada part, a month$175.44$114.94
Ontario part, a month$117.05$87.00
Monthly payment$292.49$201.94
Total interest$3,343.86$5,137.56
Total paid$33,343.86$35,137.56

At the Ontario rate today, 5.7% (prime 4.7% on November 11, 2026, plus 1%).

Repayment Assistance Plan thresholds

If your gross monthly family income is at or below these amounts, you may not have to make payments for six months at a time. Ontario and Canada each set their own.

Family sizeOntario part
1$2,083
2$3,254
3$4,205
4$4,959
5 or more$5,652
Family sizeCanada part
1$3,866
2$4,535
3$5,556
4$6,412
5$7,170
6$7,854
7 or more$8,483

Gross monthly family income. Above the threshold, the plan sets a reduced payment from your income and family size; it is worked out when you apply.

Your own loan

Your National Student Loans Service Centre account shows your actual balances, rate and payment. OSAP also has its own debt calculator.

Sources

Every rule on this page is from the Government of Ontario, the Government of Canada and the National Student Loans Service Centre, checked November 13, 2026; the prime rate is the Bank of Canada's weekly figure. This site is not affiliated with OSAP or the NSLSC.

Questions people ask

+How is my OSAP monthly payment calculated?

Your Canada and Ontario balances are paid off over the same 9½ years (114 payments) unless you choose a different schedule. The Canada part is just the balance divided by 114, because it has no interest. The Ontario part is a level payment at its interest rate on your first payment date, after the grace-period interest is added. $20,000 Canada and $10,000 Ontario at 5.7% works out to about $292.49 a month.

+What is the interest rate on OSAP loans?

The Canada (federal) part: 0% since April 1, 2023. The Ontario part: a floating rate of prime + 1%, which is 5.7% (prime 4.7% on November 11, 2026, plus 1%). There is no fixed-rate option on the Ontario part.

+Is OSAP interest-free now?

Only the Canada part. Ontario still charges prime + 1% on its part, including during the 6-month grace period. On $10,000 owed to Ontario that grace period adds about $285.00 to the balance.

+When do I start paying back OSAP?

6 months after you graduate or leave full-time studies: your first payment is due on the first day of the seventh month. If you leave in April, the first payment is November 1. No payments are due before that, but Ontario interest starts the month after you leave.

+How long do I have to pay back OSAP?

The standard schedule is 9½ years. You can stretch it to as long as 14½ years to lower each payment (the example loan drops to $201.94 a month, with $5,137.56 of interest instead of $3,343.86), or pay faster with no penalty.

+What if I can't afford my OSAP payments?

Apply to the Repayment Assistance Plan. If your gross family income is at or below the threshold for your family size you may pay nothing, and payments never go above 20% of family income. For one person the threshold is $2,083 a month for the Ontario part and $3,866 a month for the Canada part. You re-apply every six months.

+Does my payment change when the prime rate changes?

No. Ontario says the rates on your first payment date set the monthly payment, and it stays the same if rates move; what changes is how much of each payment goes to interest and how much to the balance.

More calculators