Repayment schedule of student loan
A student loan is a state-guaranteed loan which must be paid back after the studies are completed. When the bank receives notification from KELA that you have completed or discontinued your studies, it is time to draw up a repayment schedule for your student loan. The repayment schedule is always tailored to suit your situation and solvency at that time.
During studies
During your studies you only pay interest on your student loan. The interest falls due twice a year: on 15 June and 15 December.
During the studies only a share of the interest on the loan is paid, and the remaining interest is automatically added to the loan principal, in other words, the interest is capitalised. If the interest payable is less than 15 euros, the entire interest amount is added to the loan principal. The interest on a student loan which has been granted before the academic year 2003-2004 will be capitalised in its entirety.
The interest on your student loan is capitalised during the terms you receive student financial aid, and one more time after your last student financial aid term. When the interest is no longer capitalised, the entire amount of the interest will be paid on an agreed date. The interest on a student loan is tax-deductible.
After studies
Repayment of a student loan usually begins 1.5–2 years after the completion of the studies. The repayment period is generally equivalent to approximately two standard periods of study, and it can be flexibly adjusted according your situation at that time. Instalments can fall due either every six months or every month, at your choice. The state guarantee will be valid for 30 years from the loan’s first drawdown.
In order to agree on the repayment schedule, we will contact the student loan customer once we have received a notification of the completion of his/her studies from KELA. If we are unable to contact the customer, we will draw up a repayment schedule for the student loan in accordance with the terms and conditions of the loan.
You will be able to flexibly arrange for changes in your repayment schedule if your situation changes even after the original repayment schedule has been agreed on.
Contact us
After the completion of your studies you can agree on the repayment schedule of your student loan easily at your nearest Nordea branch or by calling our Customer Service, tel 0200 70 000 (local network charge/mobile phone charge) Mon–Fri 10.00–16.30.
When calling our Customer Service, we advise you to identify yourself with your Nordea access codes. In this way you speed up the service and we can offer you comprehensive banking services.
