For borrowers who have consolidation loans, the department will consider the initial balances of all of the underlying loans that were consolidated into your consolidation loans instead of the starting balance of your consolidation loan. The repayment term increases for every $1,000 you borrowed above $12,000.įor borrowers with loans that have not been consolidated, the department will consider the sum total of your loans that have an outstanding balance. Monthly Payment: 1,627.89 Total Interest: 45,347.30 Total Payment: 195,347.30 Pay Off: 10 Years On this loan, the borrower would pay 45,347.30 in interest payment after 10 years of payment. How to calculate when you’ll be eligible for forgiveness?įorgiveness begins at 10 years (120 monthly payments) for people who borrowed $12,000 or less. Loan Amount: 150,000 Interest Rate: 5.5 Term: 10 year Following are the payment details for this loan. You can learn more about forgiveness eligibility at. The benefit is based on the original principal balance of all federal loans borrowed and not what the borrower currently owes or the amount of an individual loan. Contact your province or territory to arrange payments or for information on your loan.Have originally taken out $12,000 or less for collegeĪll borrowers on the SAVE plan receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. This percentage stays the same if your salary rises. This means youll pay 9 of the income you earn over the threshold to the Student Loan Company (SLC).
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Make loan payments directly to your province or territory. If you’re a Scottish student who started an undergraduate or postgraduate course anywhere in the UK on or after 1 September 1998, you’ll be on repayment Plan 4. Quebec, Nunavut or the Northwest Territories Make payments on the provincial loan through your province. This loan calculator can be used with Federal education loans (Stafford, Perkins and PLUS) and most private student loans. Repay your federal loan through the NSLSC. This Loan Payment Calculator computes an estimate of the size of your monthly loan payments and the annual salary required to manage them without too much financial difficulty. Provincial and federal loans are repaid separately. However, due to something called the Prevailing Market Rate, Plan 2 loan interest was 7.3 from September November and 7.5 in December 2023. Alberta, Nova Scotia and Prince Edward Island RPI in March 2023 was 13.5, so from September 2023 August 2024, your Student Loan would have been set to accrue interest at a rate of up to 16.5. Repay your student loan through the National Student Loan Service Centre (NSLSC). Provincial or territorial payments British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Ontario, Saskatchewan, and the Yukon You can give another person power of attorney to take care of your student loan dealings with us. Enter the loan amount, term and interest rate in the fields below and click calculate to see. Let another person manage your student loan Our calculator shows you the total cost of a loan, expressed as the annual percentage rate, or APR. Within 6-months of finishing school, you will receive a package detailing your payment terms and payment options.
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For information on repayment, review the terms and conditions of your loan or contact the NSLSC. When this period is over, you have to start making payments on your Loan. After finishing school, there is a 6-month non-repayment period.