Manitoba - Calculate the Student Loan Repayments

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Procedure

Apply Online

1. To calculate the Student Loan Repayments online, the applicant has to visit the following apply online
2. Click on the link provided above and the Student Loan Repayments Estimator will get opened on the screen.
3. The estimator will have two options with same fields. In both the options, the calculator contains fields to be filled with details like loan amount, rate of interest, etc.,
4. Refer the “Required Documents” section of this page for knowing what are all the particulars required.
5. If the applicant is already in a loan and wishes to calculate only the repayment amount of that loan, he/she can use any one option.
6. If the applicant is about to take a loan and needs comparison of any two choices, he/she can make use of the options 1 and 2.
7. In both cases, the applicant has to enter the required details in the respective fields provided and click “Calculate” button.
8. After processing the provided the information, the calculator displays the results in a tabular column, immediately.
9. The applicant need not pay any fees for the process and the service is free.

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Required Documents

• Loan Amount at the end of the course
• Prime Rate and type of interest
• Period of Non-repayment
• Number of months required to repay

Office Locations & Contacts

Manitoba Education,
1181 Portage Ave,
Winnipeg,
MB R3G 0T3,
Canada
Phone: +1 204-945-6899
website link
contact link
National Student Loans Service Centre contact link
Education planning website link

Student Aid Inquiries:
Phone: 204-945-6321
Toll free: 1-800-204-1685
Fax: 204-948-3421

Eligibility

Students in Alberta, who have already taken or about to take a student loan, are eligible.

Fees

The service is free.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

The results will be provided immediately.

Related Videos

Videos explaining the procedure or to fill the applications.
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Instructions

• If the applicants choose a floating interest rate at consolidation, their total interest payable may fluctuate with changes in the prime rate.
• They have 2 interest rate options to choose from, for their Canada Student Loan such as a floating interest rate equal to the prime rate, or a fixed interest rate of the prime rate + 2%.
• The prime rate comes from the rates of the 5 largest Canadian banks. The highest and the lowest prime rates are removed, and then an average of the remaining 3 is used.
• The standard number of payments is 114 if the applicants start their payments 6 months after studies or 120 if they do not. Payments they make during the six-month non-repayment period will be applied directly to the principal of their loan.
• They may however, request a longer repayment period of up to 174 months (with the non-repayment period) or 180 months (without) by changing the terms of their loan agreement.
• Refer the following link for more relevant instructions

Required Information

• Total amount of the loan at the end of studies
• Select a fixed or floating interest rate
• Prime rate to be used for the calculations
• Non-repayment period options
• Number of months the applicants will need to repay their loan

Need for the Document

The Loan Repayment Estimator can help the students estimate the monthly payments they will need to make to repay their Canada Student Loan or other government student loans.

Information which might help

• The information that the users enter will not be shared, saved, stored in a database, or used for any other reason.
• To know how to repay the student loan, refer how to repay

Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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