Interest rates for Canada Student Loans

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

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

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

  • the variable interest rate is 6.45% (prime rate + 2.5%); and
  • the fixed interest rate is 8.95% (prime rate + 5%)

These rates are subject to change as the prime rate varies and was last updated on December 5, 2018. Please contact the NSLSC to confirm the current rate.

For Canada Student Loans issued before August 1, 1995:

  • the current (Class A) interest rate is 2.125%. This rate is updated annually and was last updated on August 1, 2018
  • the current (Class B) interest rate is 3.125%. This rate is updated annually and was last updated on August 1, 2018

Interest rates on the provincial portion of your student loan may be different. Check with your province or territory for more information.

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