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This shows how much you'll pay each month to clear your debt in the given timeframe. Remember, federal Canada Student Loans are currently interest-free, so set the rate to 0% for those!
A surplus (teal) means you're living within your means. A deficit (coral) means you're spending more than you earn, which leads to debt.
Net worth is Assets minus Liabilities. It's common for students to have a negative net worth—don't panic! The goal is to see this number grow over time.
If you only pay the minimum (approx 3%):
Credit card interest is extremely high. By only paying the minimum, you mostly just pay the interest, and the principal barely moves. Always aim to pay in full!
This shows the power of compound interest in a Tax-Free Savings Account. Every dollar you earn from growth is yours to keep, tax-free!
Comparing a $5,000 CC debt (19.9%) and $15,000 Loan (6%).
Avalanche always saves more money. Snowball provides faster small wins. For most students, Avalanche is recommended to minimize total cost.