This calculator estimates the amount of monthly payment and calculates the amortization schedule for a Canada-Saskatchewan integrated student loan.
Results:
| Loan principal amount | $50,000.00 |
| Interest accumulate during non-repayment period | $0.00 |
| Total amount to repay (outstanding balance) | $50,000.00 |
| Monthly payment | $508.00 |
| Number of payments | 114 |
| Total payments | $57,891.73 |
| Total interest paid | $7,891.73 |
Amortization schedule:
| Payment number | Payment | Principal | Interest | Ending balance |
| 1 | $508.00 | $392.17 | $115.83 | $49,607.83 |
| 2 | $508.00 | $392.68 | $115.32 | $49,215.15 |
| 3 | $508.00 | $393.19 | $114.81 | $48,821.96 |
| 4 | $508.00 | $393.72 | $114.28 | $48,428.24 |
| 5 | $508.00 | $394.25 | $113.75 | $48,033.99 |
| 6 | $508.00 | $394.79 | $113.21 | $47,639.20 |
| 7 | $508.00 | $395.33 | $112.67 | $47,243.87 |
| 8 | $508.00 | $395.89 | $112.11 | $46,847.98 |
| 9 | $508.00 | $396.45 | $111.55 | $46,451.53 |
| 10 | $508.00 | $397.01 | $110.99 | $46,054.52 |
| 11 | $508.00 | $397.59 | $110.41 | $45,656.93 |
| 12 | $508.00 | $398.17 | $109.83 | $45,258.76 |
| 13 | $508.00 | $398.76 | $109.24 | $44,860.00 |
| 14 | $508.00 | $399.36 | $108.64 | $44,460.64 |
| 15 | $508.00 | $399.97 | $108.03 | $44,060.67 |
| 16 | $508.00 | $400.58 | $107.42 | $43,660.09 |
| 17 | $508.00 | $401.20 | $106.80 | $43,258.89 |
| 18 | $508.00 | $401.83 | $106.17 | $42,857.06 |
| 19 | $508.00 | $402.46 | $105.54 | $42,454.60 |
| 20 | $508.00 | $403.11 | $104.89 | $42,051.49 |
| 21 | $508.00 | $403.76 | $104.24 | $41,647.73 |
| 22 | $508.00 | $404.42 | $103.58 | $41,243.31 |
| 23 | $508.00 | $405.09 | $102.91 | $40,838.22 |
| 24 | $508.00 | $405.76 | $102.24 | $40,432.46 |
| 25 | $508.00 | $406.45 | $101.55 | $40,026.01 |
| 26 | $508.00 | $407.14 | $100.86 | $39,618.87 |
| 27 | $508.00 | $407.84 | $100.16 | $39,211.03 |
| 28 | $508.00 | $408.55 | $99.45 | $38,802.48 |
| 29 | $508.00 | $409.26 | $98.74 | $38,393.22 |
| 30 | $508.00 | $409.99 | $98.01 | $37,983.23 |
| 31 | $508.00 | $410.72 | $97.28 | $37,572.51 |
| 32 | $508.00 | $411.46 | $96.54 | $37,161.05 |
| 33 | $508.00 | $412.21 | $95.79 | $36,748.84 |
| 34 | $508.00 | $412.97 | $95.03 | $36,335.87 |
| 35 | $508.00 | $413.74 | $94.26 | $35,922.13 |
| 36 | $508.00 | $414.52 | $93.48 | $35,507.61 |
| 37 | $508.00 | $415.30 | $92.70 | $35,092.31 |
| 38 | $508.00 | $416.09 | $91.91 | $34,676.22 |
| 39 | $508.00 | $416.90 | $91.10 | $34,259.32 |
| 40 | $508.00 | $417.71 | $90.29 | $33,841.61 |
| 41 | $508.00 | $418.53 | $89.47 | $33,423.08 |
| 42 | $508.00 | $419.36 | $88.64 | $33,003.72 |
| 43 | $508.00 | $420.19 | $87.81 | $32,583.53 |
| 44 | $508.00 | $421.04 | $86.96 | $32,162.49 |
| 45 | $508.00 | $421.90 | $86.10 | $31,740.59 |
| 46 | $508.00 | $422.76 | $85.24 | $31,317.83 |
| 47 | $508.00 | $423.64 | $84.36 | $30,894.19 |
| 48 | $508.00 | $424.52 | $83.48 | $30,469.67 |
| 49 | $508.00 | $425.42 | $82.58 | $30,044.25 |
| 50 | $508.00 | $426.32 | $81.68 | $29,617.93 |
| 51 | $508.00 | $427.23 | $80.77 | $29,190.70 |
| 52 | $508.00 | $428.15 | $79.85 | $28,762.55 |
| 53 | $508.00 | $429.08 | $78.92 | $28,333.47 |
| 54 | $508.00 | $430.03 | $77.97 | $27,903.44 |
| 55 | $508.00 | $430.98 | $77.02 | $27,472.46 |
| 56 | $508.00 | $431.94 | $76.06 | $27,040.52 |
| 57 | $508.00 | $432.91 | $75.09 | $26,607.61 |
| 58 | $508.00 | $433.89 | $74.11 | $26,173.72 |
| 59 | $508.00 | $434.88 | $73.12 | $25,738.84 |
| 60 | $508.00 | $435.88 | $72.12 | $25,302.96 |
| 61 | $508.00 | $436.89 | $71.11 | $24,866.07 |
| 62 | $508.00 | $437.91 | $70.09 | $24,428.16 |
| 63 | $508.00 | $438.94 | $69.06 | $23,989.22 |
| 64 | $508.00 | $439.98 | $68.02 | $23,549.24 |
| 65 | $508.00 | $441.03 | $66.97 | $23,108.21 |
| 66 | $508.00 | $442.09 | $65.91 | $22,666.12 |
| 67 | $508.00 | $443.16 | $64.84 | $22,222.96 |
| 68 | $508.00 | $444.24 | $63.76 | $21,778.72 |
| 69 | $508.00 | $445.34 | $62.66 | $21,333.38 |
| 70 | $508.00 | $446.44 | $61.56 | $20,886.94 |
| 71 | $508.00 | $447.55 | $60.45 | $20,439.39 |
| 72 | $508.00 | $448.68 | $59.32 | $19,990.71 |
| 73 | $508.00 | $449.81 | $58.19 | $19,540.90 |
| 74 | $508.00 | $450.96 | $57.04 | $19,089.94 |
| 75 | $508.00 | $452.11 | $55.89 | $18,637.83 |
| 76 | $508.00 | $453.28 | $54.72 | $18,184.55 |
| 77 | $508.00 | $454.46 | $53.54 | $17,730.09 |
| 78 | $508.00 | $455.65 | $52.35 | $17,274.44 |
| 79 | $508.00 | $456.85 | $51.15 | $16,817.59 |
| 80 | $508.00 | $458.06 | $49.94 | $16,359.53 |
| 81 | $508.00 | $459.29 | $48.71 | $15,900.24 |
| 82 | $508.00 | $460.52 | $47.48 | $15,439.72 |
| 83 | $508.00 | $461.77 | $46.23 | $14,977.95 |
| 84 | $508.00 | $463.03 | $44.97 | $14,514.92 |
| 85 | $508.00 | $464.29 | $43.71 | $14,050.63 |
| 86 | $508.00 | $465.58 | $42.42 | $13,585.05 |
| 87 | $508.00 | $466.87 | $41.13 | $13,118.18 |
| 88 | $508.00 | $468.17 | $39.83 | $12,650.01 |
| 89 | $508.00 | $469.49 | $38.51 | $12,180.52 |
| 90 | $508.00 | $470.82 | $37.18 | $11,709.70 |
| 91 | $508.00 | $472.16 | $35.84 | $11,237.54 |
| 92 | $508.00 | $473.51 | $34.49 | $10,764.03 |
| 93 | $508.00 | $474.87 | $33.13 | $10,289.16 |
| 94 | $508.00 | $476.25 | $31.75 | $9,812.91 |
| 95 | $508.00 | $477.63 | $30.37 | $9,335.28 |
| 96 | $508.00 | $479.04 | $28.96 | $8,856.24 |
| 97 | $508.00 | $480.45 | $27.55 | $8,375.79 |
| 98 | $508.00 | $481.87 | $26.13 | $7,893.92 |
| 99 | $508.00 | $483.31 | $24.69 | $7,410.61 |
| 100 | $508.00 | $484.76 | $23.24 | $6,925.85 |
| 101 | $508.00 | $486.22 | $21.78 | $6,439.63 |
| 102 | $508.00 | $487.70 | $20.30 | $5,951.93 |
| 103 | $508.00 | $489.19 | $18.81 | $5,462.74 |
| 104 | $508.00 | $490.69 | $17.31 | $4,972.05 |
| 105 | $508.00 | $492.20 | $15.80 | $4,479.85 |
| 106 | $508.00 | $493.73 | $14.27 | $3,986.12 |
| 107 | $508.00 | $495.27 | $12.73 | $3,490.85 |
| 108 | $508.00 | $496.82 | $11.18 | $2,994.03 |
| 109 | $508.00 | $498.39 | $9.61 | $2,495.64 |
| 110 | $508.00 | $499.97 | $8.03 | $1,995.67 |
| 111 | $508.00 | $501.56 | $6.44 | $1,494.11 |
| 112 | $508.00 | $503.17 | $4.83 | $990.94 |
| 113 | $508.00 | $504.79 | $3.21 | $486.15 |
| 114 | $487.73 | $486.15 | $1.58 | $0.00 |
To estimate monthly repayment amount for a Canada-Saskatchewan integrated student loan provide the following details:
Click Calculate to perform calculations.
To display the loan amortization schedule click on the Show button on the right.
Provided values are estimates only and may not apply to your specific situation. Users should not rely on this calculator to make any financial decisions. For an exact determination please contact the National Student Loans Service Centre (NSLSC).
Canada-Saskatchewan Integrated Student Loans is a financial assistance program designed to help eligible students cover the costs of post-secondary education. The eligibility for funding is determined by various factors, including family income, educational expenses, and available resources.
The administration of Canada-Saskatchewan Integrated Student Loans is overseen by the National Student Loans Service Centre (NSLSC). The NSLSC handles various aspects of the loan process, including fund disbursement, repayment management, customer support, as well as assistance programs such as the Repayment Assistance Plan (RAP).
The student loans offered through this program consist of two components: the federal, which is funded by the Government of Canada, and the provincial, which is funded by the Government of Saskatchewan.
Upon completing their studies, borrowers are required to repay their Saskatchewan Integrated Student Loans, including accrued interest. It's important to note that as of April 1st, 2023, the Government of Canada has eliminated the accumulation of interest on Canada Student Loans. However, interest will be charged on the principal amount of the provincial portion of the loan.
Full-time students are required to start repaying their student loans after a grace period of six months, beginning in the seventh month after completing their studies. Even though loan payments are not mandatory during the grace period, interest will start accumulating on the Saskatchewan portion of the loan from the date of completion or withdrawal from studies. The interest accrued during the grace period will be added to the principal amount of the outstanding loan balance.
Before the end of the grace period, the National Student Loans Service Centre (NSLSC) will send a loan notification package that provides detailed information about the loan, including repayment terms, the amount owed and the monthly payment amount.
The loans amortization period is the length of time over which the loan is repaid. Typically, the standard amortization period for a student loan is 9½ years (114 months), but it can be extended to a maximum of 14½ years (174 months). Borrowers have the flexibility to make additional payments or pay off the outstanding loan balance in part or in full at any time without notice and without incurring any penalties.
Canada-Saskatchewan integrated student loans program offer two different interest options for the provincial part of the loan. Borrowers have the choice between a floating interest rate equal to the prime rate, or a fixed interest rate equal to the prime rate plus 2.5%. The prime rate is determined as the average of the middle three prime rates from the largest five Canadian financial institutions (Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and Toronto Dominion Bank).
Prime rates: (as of June 11, 2023)
| Banks | Prime Rate |
|---|---|
| Bank of Canada | 6.950% |
| Bank of Montreal | 6.950% |
| Bank of Nova Scotia | 6.950% |
| Canadian Imperial Bank of Commerce | 6.950% |
| Royal Bank of Canada | 6.950% |
| Toronto Dominion Bank | 6.950% |
If a floating interest rate is chosen, the total interest payable and the duration of loan repayment may change as a result of fluctuations in the prime rate. If the interest rate increases, a larger portion of the monthly payment goes towards interest rather than principal, extending the repayment period (up to a maximum of 14½ years). Conversely, a decrease in the interest rate allows more of the payment to reduce the principal, potentially shortening the repayment period.
At the end of the loan amortization period, any remaining outstanding balance must be repaid as a final lump sum payment.
The minimum monthly repayment amount for combined federal and Saskatchewan loan portions is $25. The monthly payment is distributed proportionately to the outstanding balances of the federal and Saskatchewan loans. For the Saskatchewan portion, the payment is first applied to the interest and then to the principal.
For the most accurate and up-to-date information, including details about available loan repayment assistance programs, it is recommended to visit the official Saskatchewan student loans website or contact the National Student Loans Service Centre (NSLSC).
See also:
Effective Annual Rate (EAR) Converter
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