🎓 Your Student Loan Details
🇨🇦 Federal Loan (NSLSC)
🏛️ Provincial Loan
Minimum Payments Only
With Extra Payment
📊 Repayment Progress
Repayment Assistance Plan (RAP)
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📅 Year-by-Year Repayment Schedule
| Year | Fed. Payment | Prov. Payment | Interest Paid | Fed. Balance | Prov. Balance | Total Remaining |
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💡 Student Loan Tips for Canadians
🎯 Pay Provincial Loan First
Since your federal loan is interest-free, always put extra payments toward your provincial loan first. Every extra dollar saves you interest. Once the provincial loan is gone, accelerate your federal payments.
📋 Repayment Assistance Plan (RAP)
If your income is low, RAP can reduce or eliminate your federal loan payment entirely. After 10 years on RAP, the government pays off your remaining federal balance. Apply through the NSLSC portal.
🎓 Student Loan Interest Tax Credit
You can claim a 15% federal tax credit on interest paid on your provincial student loans. Keep your annual statements from your provincial lender and claim it on your T1 return — it reduces your tax bill.
💰 Use Your Tax Refund
The average Canadian tax refund is ~$2,000. Applying it as a lump-sum payment to your provincial student loan can cut months off your repayment and save hundreds in interest.