In Payment Calculators

In School

If you're making student loan payments, these calculators will help you answer questions like these:

  • Where could I find money to get out of debt faster?
  • How much could I save by making extra payments?
  • What pays me more: an RRSP or extra loan payments?

How Much Money Can You Get From Your Student Loan Interest Tax Credit?

 Did you know you can get money back as a 'tax credit' on the part of your student loan payments that went to interest charges?

For all the juicy details, see Claim Your Student Loan Interest Tax Credit

So how much money can you get?

Find out with Debt 101's customized and original Student Loan Interest Tax Credit Calculator!

Which Student Loan Interest Rate Is Best: Fixed or Floating?

When you leave school, you must prepare to sign your "loan consolidation agreement." That's when you set your repayment terms, such as whether to pick fixed or floating interest rates for your student loans.

This decision can save (or cost) you thousands of dollars. You can try some numbers in advance with the Canlearn Loan Repayment Calculator (Fixed or Floating interest rate)

But the numbers in this calculator aren't the whole story. For info on the pros and cons of picking a fixed or floating interest rate, see this page from our In Payment FAQs: Setting your loan consolidation agreement…

And for my own opinion, see the 2013 blogs I've written, criticizing most of Canada's fixed rates. Here's an example: The Price is Wrong Part 2.


What Could You Save Making Lump Sum Payments?

You could save thousands of dollars on interest costs if you throw spare cash at your student loan debt – on top of your regular payments.

These extra, one-off payments are usually called 'lump sum' payments. Use this link from Manitoba's Credit Unions to see the payoff.

While this calculator is simple to use, you can't use commas. And if you're on the results page, click that page closed when you want to go back to try new numbers in the input page. Check it out…

The Student Loan Whacker

This debt-cutting tool is also known as the Debt Investment Calculator because it shows you just why paying off debt is an investment. In fact, paying off debt may be the most profitable investment you can make.

The Whacker also helps you answer three questions, based on what you could add each month to your student loan payment:

  • How much faster would you be free of student loans?
  • How much money would you save off interest charges?
  • What return on investment would you get compared to putting that money in a term deposit or other investment?

Use The Student Loan Whacker Calculator

But what if you can't afford to pay extra? What if you're broke or you're stuck with really high payments?

Don't give up! We believe you'll find some extra money by using these other calculators on Student Finance 101: The Money-Finder, Cost of Borrowing and Cost of Smoking

If you're on Interest Relief or RAP (Repayment Assistance Plan):

Use the cash-locating calculators above even if you're allowed to skip student loan payments right now because you're on Interest Relief or RAP. Take advantage of this excellent time to pay.

Here's why: every penny you pay now will go toward cutting the size of your debt, not paying off interest. That will help you later on, when you may not qualify for more repayment aid.

Accelerated Debt Payoff

Here's another calculator based on consolidating your student loans with other debt.

Remember, you should only consolidate if:

  • you make too much money for interest relief
  • you have already used up your interest relief, including extended interest relief
  • you are not eligible for debt reduction or other loan remission programs
  • you will save more from this than from being able to write off your student loan interest (tax credit)

This Vancity online calculator can help you decide:

Warning! If you're considering debt consolidation, please first see this Debt 101's article: Thinking of Consolidating? Think Again!

RRSP or Faster Payoff of Your Student Loans?

If your job pays enough to let you save a bit, this customized and original Debt 101 calculator can help you make 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!

                                       RRSP or Extra Student Loan Payments Calculator         

How Much Could You Save on Student Loans by Not Smoking?

If you smoke, use this calculator-combo as a student-debt cutting tool.

Here's how:

  1. Work out your potential smoke-savings from the Cost of Smoking Calculator.
  2. Input those savings into the Student Loan Whacker (Debt Investment Calculator) and calculate your return on investment if you used your smoking savings as extra payments on your student loans.

Using both calculators, you can see the full impact – in dollars and loan payment time – from paying your student loans with money that is now going up in smoke.

Cost of Smoking Calculator

Student Loan Whacker


 (c) Jeannine Mitchell, 2008-2024

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