Cost to Repay
Student Loans - What will they really cost to repay?
A loan repayment calculator is available on the http://www.canlearn.ca/ website. Look in the section called "On-Line Tools" for the loan repayment calculator. There are also useful tools on budgeting and how to manage your money and debts once you have completed your studies.
Here are two different scenarios to show you how much it will cost you to repay your student loans based on total amount owing, what interest rate is applied, and how long you take to repay your debt. this is important to keep in mind when you are borrowing money to go to school.
Scenario One:
Interest Rate of 7%, 9.5 years (114 months) or 5 years (60 months) of repayment|
Total Loans
Outstanding |
Repayment
Period (Months) |
Minimum
Monthly Payment |
Total
Interest Paid |
Total Paid
|
|---|---|---|---|---|
|
$10,000
|
114
|
$120
|
$3,719
|
$13,719
|
|
$10,000
|
60
|
$198
|
$1,881
|
$11,881
|
|
$15,000
|
114
|
$181
|
$5,578
|
$20,578
|
|
$15,000
|
60
|
$297
|
$2,821
|
$17,821
|
|
$20,000
|
114
|
$241
|
$7,438
|
$27,438
|
|
$20,000
|
60
|
$396
|
$3,761
|
$23,761
|
|
$25,000
|
114
|
$301
|
$9,297
|
$34,297
|
|
$25,000
|
60
|
$495
|
$4.702
|
$29,702
|
|
$30,000
|
114
|
$361
|
$11,157
|
$41,157
|
|
$30,000
|
60
|
|
$5,642
|
$35,642
|
Scenario Two:
Interest Rate of 10%, 9.5 years (114 months) or 5 years (60 months) of repayment
|
Total Loans
Outstanding |
Repayment
Period (Months) |
Minimum
Monthly Payment |
Total
Interest Paid |
Total Paid
|
|---|---|---|---|---|
|
$10,000
|
114
|
$136
|
$5,530
|
$15,530
|
|
$10,000
|
60
|
$212
|
$2,748
|
$12,748
|
|
$15,000
|
114
|
$204
|
$8,294
|
$23,294
|
|
$15,000
|
60
|
$319
|
$4,122
|
$19,122
|
|
$20,000
|
114
|
$272
|
$11,059
|
$31,059
|
|
$20,000
|
60
|
$425
|
$5,496
|
$25,496
|
|
$25,000
|
114
|
$341
|
$13,824
|
$38,824
|
|
$25,000
|
60
|
$531
|
$6,871
|
$31,871
|
|
$30,000
|
114
|
$409
|
$16,589
|
$46,589
|
|
$30,000
|
60
|
$637
|
$8,245
|
$38,245
|
Revised March 2007