Monthly payments, total interest, and payoff timeline. Canada: OSAP & prime-based rates. USA: federal & private loan options.
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Canada vs USA Student Loan Differences
Canada — OSAP & Federal
Canada Student Loans charge prime + 1% (variable) or prime + 2% (fixed). No interest accrues during school (full-time) or the 6-month non-repayment period after graduation. Repayment Assistance Plan (RAP) available for low income. Canada Student Grant does not need to be repaid.
USA — Federal & Private
Federal Direct Subsidized: 6.53% (2025–26), no interest during school. Unsubsidized: 6.53%, interest accrues immediately. PLUS: 9.08%. Income-Driven Repayment (IDR) plans cap payments at 5–10% of discretionary income. Public Service Loan Forgiveness (PSLF) after 10 years of qualifying payments.
Repayment Assistance Programs
Canada RAP
If your income is below the threshold, the government covers interest. After 10 years, remaining balance may be forgiven. Apply through NSLSC.
USA IDR / PSLF
SAVE plan caps payments at 5% of discretionary income for undergrad loans. After 10 years of public service, remaining federal loan balance is forgiven tax-free.
Frequently Asked Questions
After leaving school, you have a 6-month non-repayment period before loan payments begin. Since November 2023, no interest accrues on federal Canada Student Loans during this period or while enrolled full-time — a major change that saves graduates thousands. Provincial loans vary by province.
As of April 2026, Canada Student Loans charge prime + 1% (variable) or prime + 2% (fixed). With the Bank of Canada prime rate around 5.2%, the variable rate is approximately 6.2%. The federal government eliminated interest on Canada Student Loans in 2023 — you only pay principal. Provincial portions may still accrue interest.
Generally yes — extra payments reduce the principal faster, which cuts total interest dramatically. There are no prepayment penalties on Canadian or US federal student loans. However, if your loan rate is below 5%, investing the difference in a TFSA or Roth IRA may generate better returns long-term.
OSAP (Ontario Student Assistance Program) provides grants and loans to Ontario students attending eligible post-secondary schools. Eligibility is based on family income, school attendance, and program type. OSAP includes both federal Canada Student Loans and Ontario provincial grants/loans. In 2024, Ontario eliminated interest on the provincial portion.
Canada: You can claim a 15% federal tax credit on interest paid on eligible government student loans (not private loans) on line 31900 of your T1 return. You can carry forward unused amounts for 5 years. USA: You can deduct up to $2,500 of student loan interest paid (federal and private) if your income is below $90,000 (single) / $185,000 (married).
⚠️ Results are estimates. Canada Student Loan rates are based on prime rate and may change. USA rates reflect 2025–26 federal rates. Not financial advice — consult a licensed financial advisor or your provincial/federal student aid office.
NSLSC / StudentAid
Repayment Assistance Plan — Struggling with payments?
The RAP can reduce or eliminate your monthly payment based on income. Apply any time — no penalty.