The prime rate is 4.70%. The Bank of Canada raised its policy rate by 25 basis points to 2.50% on October 28, 2026, and the big banks raised prime from 4.45% to 4.70%, effective October 29, 2026. The 4.45% prime in older sources is stale and is not used anywhere on this page. The Bank's next scheduled decision is December 9, 2026. Every provincial rate on this page is recomputed from 4.70% at build time on November 9, 2026.
The federal portion is 0%. The Government of Canada permanently eliminated interest on Canada Student Loans effective April 1, 2023. The federal portion accrues no interest while you study, during the six-month non-repayment period, or in repayment, so its monthly payment is the balance divided by the number of months and it pays no interest at all.
The provincial spreads. Ontario (OSAP) charges prime + 1%, which is 5.70% at a 4.70% prime. Alberta charges prime, which is 4.70%. Saskatchewan charges prime floating, which is 4.70%, or prime + 2.5% fixed, which is 7.20%. Quebec charges prime + 0.5%, which is 5.20%, under its own provincial program. British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, and Prince Edward Island charge 0% on the provincial portion. Nova Scotia charges 0% only for graduates who live in Nova Scotia under the province's 0% interest program; the benefit ends if you move out of the province. These are the programs' published spreads; the rates on this page are the spreads applied to the verified 4.70% prime.
The amortization formula. The provincial monthly payment is P times r divided by 12, divided by one minus one plus r divided by 12 to the power of minus n, where P is the provincial balance, r is the annual provincial rate, and n is the number of months. At a 0% rate the payment is simply the balance divided by n. Total interest is the monthly payment times n, minus the provincial balance. The payoff date counts n monthly payments from this month.
Worked examples. A $20,000 federal balance and a $10,000 Ontario provincial balance over 114 months: the federal payment is $20,000 divided by 114, which is $175.44 a month, and the provincial payment at 5.70% is $113.81 a month, for a total of $289.24 a month and $2,973.83 of interest on the provincial portion. A $15,000 federal balance and a $5,000 British Columbia provincial balance over 114 months: the federal payment is $131.58 a month and the provincial payment is $43.86 a month, for a total of $175.44 a month and $0 of interest.
What this estimator leaves out. Interest that accrued before a province went interest-free, which still has to be repaid; interest on an interest-bearing provincial portion during the six-month non-repayment period, which Ontario and Saskatchewan charge and which is added to the principal; the Repayment Assistance Plan, which bases the payment on family income and can take it to $0; any private student line of credit, which is a separate loan at a bank rate; and any change in prime after October 29, 2026.
Sources: Bank of Canada, Policy interest rate (the policy rate of 2.50% set October 28, 2026, and the next decision on December 9, 2026), and the provincial student aid programs' published spreads off prime (Ontario prime + 1%, Alberta prime, Saskatchewan prime floating or prime + 2.5% fixed, Quebec prime + 0.5%, and 0% in British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island), recomputed from the verified prime rate of 4.70% effective October 29, 2026, all checked at build time on November 9, 2026. The federal 0% rate and the 114-month standard term are the National Student Loans Service Centre's published repayment rules. Nova Scotia's 0% interest program for graduates living in Nova Scotia is the province's published rule ([Nova Scotia, Zero Interest](https://www.novascotia.ca/studentassistance/financing/Zero_Interest.asp)). Where a figure could not be verified on an opened official page, this page says to check the official page instead of stating it.