OSAP Loan Repayment Calculator
See when your OSAP loan will be gone and what it truly costs, with interest charged only on the Ontario portion, the way OSAP actually works. Your federal portion is interest-free.
Your payoff plan will appear here
Enter your Ontario and federal balances and your monthly payment to see when you'll be debt-free.
Debt-free in
On track–
Enter your numbers to begin.
Payment too low
Your payment doesn't cover the monthly interest on the Ontario portion, so the balance grows instead of shrinking.
- Total interest paid
- $0
- Total paid over the loan
- $0
Your interest-free portion
Your federal portion carries no interest, so it costs you nothing to hold.
Paying extra saves you
$0 in interest
And gets you debt-free sooner.
How this is calculated Hide details
Monthly amortization. Interest accrues only on the Ontario portion at your rate ÷ 12; the federal portion is 0%. Payments are directed at the Ontario portion first (the interest-minimizing order), then the federal portion. Estimate, not financial advice; confirm your split and rate with the NSLSC.
Last updated: October 13, 2026
How OSAP repayment actually works
One loan, two portions. Your OSAP loan is a federal (Canada Student Loan) portion and an Ontario (provincial) portion bundled into a single account at the NSLSC. They repay together, but they're charged interest very differently.
The federal portion is interest-free. Since April 1, 2023, Canada charges 0% interest on the federal portion of student loans, permanently. That part of your OSAP debt never grows.
Only Ontario charges interest. The provincial portion is charged at the prime rate plus 1%, variable. It's the only part of your loan that costs anything to carry, which is why the smart move is to throw every extra dollar at it first.
The 6-month grace period isn't free. You don't owe a payment for six months after leaving full-time studies, but interest keeps accruing on the Ontario portion the whole time and is added to your principal. The federal portion stays at 0%.
The math this calculator runs, month by month:
interest = ontario_balance × (rate ÷ 12) (federal = 0)
payment → interest, then Ontario principal,
then federal principal
repeat until both balances reach 0 The two portions of your OSAP loan
Ontario (provincial)
Prime + 1%
Variable. ≈ 5.45% with prime near 4.45%. Accrues in the grace period too.
Federal (Canada)
0%
Interest-free permanently since April 1, 2023. This part never grows.
Most loan calculators charge one rate on your whole balance, which overstates what OSAP actually costs you, sometimes by thousands. Because your federal portion is interest-free, the only interest you pay is on the Ontario portion. Pay that portion down first and you clear the entire interest cost of the loan before touching a dollar you carry for free.
Authoritative sources: the Government of Ontario's Pay back OSAP page and the Government of Canada's student loan interest rates page. This tool is informational only and is not financial advice. Confirm your balances, split, and rate with the NSLSC before making decisions.
OSAP repayment FAQ
Does OSAP charge interest?
Only partly. An OSAP loan is really two loans in one: a federal (Canada Student Loan) portion and an Ontario (provincial) portion. Since April 1, 2023, the federal portion is permanently interest-free (0%). The Ontario portion still charges interest at the prime rate plus 1% once you enter repayment. So only the provincial part of your OSAP loan costs you anything to carry, which is exactly what this calculator models, and what most generic loan calculators get wrong.
What is the OSAP interest rate in 2026?
The federal portion is 0%. The Ontario portion is charged at prime + 1% (variable). With the major banks' prime rate around 4.45% in late 2025, that puts the Ontario rate near 5.45%. Prime moves with the Bank of Canada, so update the rate field above if it has changed since you last checked.
When do I have to start repaying OSAP?
You get a six-month grace period after you graduate or drop below full-time studies before payments are required. You do not have to make payments during those six months, but interest still accrues on the Ontario portion the whole time, and it gets added to your principal (capitalized). The federal portion stays at 0% during grace. Your first payment is due at the end of the sixth month, through the National Student Loans Service Centre (NSLSC).
Should I pay off the Ontario portion or the federal portion first?
Pay the Ontario portion first. It is the only part of your OSAP loan charging interest, so every dollar you put toward it saves you money, while the federal portion costs nothing to carry. You can ask the NSLSC to apply your extra payments to the Ontario (provincial) loan specifically. This calculator assumes that optimal order: payments knock down the interest-bearing Ontario portion before touching the interest-free federal portion.
How can I pay off my OSAP loan faster?
Direct extra payments at the Ontario portion. Because it is the only interest-bearing part, every extra dollar there shrinks the balance interest is charged on, so future months cost less too. Even an extra $50–$100 a month can cut years off the term. Use the "extra monthly payment" field above to see your own numbers. Once the Ontario portion is gone, the rest is interest-free, so there is no rush to clear the federal portion beyond being debt-free.
What is the Repayment Assistance Plan (RAP)?
RAP is a federal-provincial program that reduces or pauses your OSAP payments if your income is low relative to your loan balance and family size. Under RAP, you never pay more than a set percentage of your income, and the government may cover interest or even principal. If you are struggling with payments, apply through the NSLSC before missing them. This calculator shows standard repayment, not your reduced RAP amount.
Is my data private when I use this calculator?
Yes. Everything runs in your browser. We don't store your balances, we don't send them to a server, and we don't track you across sessions. Close the tab and it's gone.
More free, private calculators
Find your available TFSA room today, correct on the 2015 limit and the withdrawal add-back rule.
Net Worth by Age CalculatorCompare your net worth with the median for your age, using official US, Canadian, UK and Australian data.
Financial Independence CalculatorSee your Coast FIRE milestone and how much you need invested to retire.
Watch your OSAP balance fall, month after month
Worthy tracks your loans alongside everything you own, privately, on your device, with no bank connection. The best motivation to keep paying is seeing your net worth climb.