OSAP Repayment Calculator
Ontario Student Loan Payment Estimator
OSAP Student Loan Repayment Estimator
What the Calculator Shows & Why It’s Accurate
Input Logic:
- Ontario portion accrues interest during 6-month grace; federal portion remains interest-free per Canada’s student loan policy.
- Standard repayment schedule is 114 months (9.5 yrs)—cited by George Brown and NSLSC. Users may extend to 174 months to reduce monthly burden.
Formula:
Payment is calculated using basic amortization:
monthly_interest_rate = annual_rate ÷ 12
n = repayment period in months
payment = P × [r × (1+r)^n] ÷ [(1+r)^n − 1]
Where P = current loan balance. This aligns with NSLSC calculator logic.
FAQ — What Students Often Ask
Q1: When do OSAP repayments begin?
You get a 6-month grace period after graduation or leaving full-time study. During this, provincial interest continues but federal loan interest is paused.
Q2: Why are there federal and provincial rates?
OSAP combines both: provincial part (accrues interest), federal part (interest waived since April 2023)—both reflected separately in the estimator.
Q3: How long do I have to repay?
Standard term is 114 months (~9.5 years), but you can request extensions up to 174 months (≈14.5 years) to reduce monthly payment.
Q4: Can I pay extra and shorten the term?
Yes—add monthly extra payment. This reduces principal faster and lowers total interest. No early repayment penalty.
Q5: What if I can’t afford the monthly payment?
You may apply to the Repayment Assistance Plan (RAP) or RAP-D, which can reduce or eliminate payments temporarily and even contribute to principal reduction over time. Reapply every six months.
Why Use This Tool
- Built on official OSAP logic and NSLSC repayment rules.
- Covers federal and provincial components separately, showing realistic monthly amortization.
- Allows customization of repayment term, extra payments—giving users control over strategy.
- Visual and printable outputs, matching top-tier financial estimation tools.
- Responsive SEO strategy, using keywords like “OSAP repayment calculator” in site and guide copy.