Using 'RRSP or Faster Payoff of Your Student Loans' Calculator
Does your job pay enough to let you save a bit? This customized and original Debt 101 calculator can help you grow that into more money!
It'll show you how to get the best return for your savings: invest in an RRSP or make extra payments on your student loans or other debts.
This In Payment article will explain how an RRSP might compare with faster debt payoff as a financial strategy.
The calculator lets you compare the 'returns' you’d get in dollars:
$ The 'return' on your extra student loan payments is the money you’d save on interest costs.
$ The 'return' on your RRSP investment is the money you’d get from income-tax savings + what you’d earn from your RRSP investment.
Crunch and compare!