Interest rates for Canada Student Loans

Your Canada Student Loan is payment-free until 6 months after you graduate or leave school. You won’t have to make loan payments during this 6 month period but interest will be charged.

You can choose between a fixed interest rate (where the rate doesn’t change for the duration of your loan) and a variable, or “floating,” interest rate (where it can fluctuate).

For Canada Student Loans issued on or after August 1, 1995:

  • the fixed interest rate is prime + 5%
  • the floating interest rate is prime + 2.5%

For Canada Student Loans issued before August 1, 1995:

Interest rates for integrated and separate provincial loans may be different. Check with your province or territory for more information. Once you graduate or leave school, check with your lender to find out how interest is calculated and paid.

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