Student loan

A student loan will make your life easier. With finances in order, you can focus all your energy on studying. The affordable interest rate and flexible repayment schedule will make you feel secure.

Student loan Features Consumer Credit Information Prices Student loan

Move forward with your studies

A student's most important goal is to learn new things every day. A student loan allows you to concentrate on your studies. It is a secure and inexpensive way to finance your living expenses while you study. You are eligible for a student loan if you study full time. Since the government guarantees the student loan, no other security or guarantee is required. You can submit a loan application in Nordea's Netbank or at a branch. 

For the application, you will need Kela’s decision on student financial aid in the form of a state guarantee. First apply for student financial aid. With the same application, for can apply for a student grant, a housing supplement and the state guarantee from Kela.

Features

  • Student loans are state-guaranteed and must be repaid when the studies are completed.
  • The student loan can be 260– 400 euros a month according to the decision on student financial aid. If you study abroad, the loan may amount to 700 euros a month.
  • The state guarantee is in force for 30 years at the most from the first drawdown of the loan.
  • The reference rate options are Nordea Prime and the 12-month Euribor. The bank’s margin is added on top of the reference rate.
  • When you have a valid decision on a state guarantee, you can make a student loan application and partial drawdown requests in Netbank.
  • As of the academic year 2011–2012, the state guarantee for student loans is granted without a separate application to all university students receiving a student grant.
  • Kela will pay a portion of your student loan as student loan compensation if you have started your first higher education studies on 1 August 2014 or later and you have passed your degree within the target time.

Applying for a student loan

First you will need a benefit decision on a student loan guarantee from Kela for the current term. When you have received it, you can apply for a student loan in Netbank. Go to Loans/Student loan/Student loan application. The processing of the application takes from one to three banking days. After receiving your application, Nordea contacts Kela, which sends the guarantee decision to the bank electronically. You will sign the loan agreement in Netbank with your the access codes.

Note that if you are under 18, the only way to apply for and draw down the loan is to do it at a branch as we need your guardians’ consent to the loan.

Kela’s benefit decision states the amount of your student loan and the dates on which you can make drawdowns.

Drawdown agreement and partial drawdowns

When you make a loan application in Netbank, you are requested to choose between a drawdown agreement and partial drawdowns. If you choose the drawdown agreement, the bank will transfer each loan drawdown automatically to your account on the first possible drawdown date, as stated in the guarantee decision. This means that the loan drawdowns are transferred to your account on the dates mentioned in the benefit decision. If you make a drawdown agreement in connection with the first drawdown, no other fees will be charged except the arrangement or raising fee.

If you choose partial drawdowns, the loan will not be transferred to your account automatically on the first possible drawdown date. Instead, you need to request for the drawdown separately. This way you can decide on the amount of loan you want to draw down each time. You can send a drawdown request through Netbank. If you choose separate drawdowns through Netbank, you will be charged an arrangement or raising fee and also a drawdown fee for the second and following partial drawdowns.

While you study

The interest falls due twice a year: on 15 June and 15 December. Interest will be added to the student loan capital on the aforementioned dates. 

After graduation

Once you have completed your studies, we can draw up a flexible personal repayment schedule that will suit your life situation. Repayment usually begins about 2 years after you have finished your studies.

As a student in higher education, you will be granted student loan compensation paid by Kela for the qualifying debt exceeding 2,500 euros if you have started your first higher education studies on 1 August 2014 or thereafter and you have completed your degree within the set time.

If you started your first higher education studies before 1 August 2014, you may be entitled to a student loan tax deduction.

The repayments will fall due monthly or every six months. The state guarantee is valid for 30 years from the first drawdown.

You can later adjust the agreed repayment schedule when your life situation changes.

Read more from the student loan repayment schedule.

What should your consider when you decide to study abroad?

There are many considerations. First of all, you should find out the actual studying costs (such as tuition fees, living, rent). How should you arrange your banking? How to pay bills in Finland and transfer money from Finland to another country? How will you pay for your purchases abroad and will there be any tax considerations? Come and discuss all this with us – let's find the best options for you!

Consumer Credit Information

Standard European Consumer Credit Information

To make comparing easier, the applicant has the right to receive the key information on the credit on a Standard European Consumer Credit Information form before signing the credit agreement. The information on the form may be calculated with the details given by the customer or on typical values. The form on this page is calculated with typical values, which means that a typical euro amount for this credit type is applied.

The form specifies the lender's contact information, the main features of the credit product, the costs, other important legal aspects and, if needed, the additional information required for distance selling. The information on the form may be binding or unbinding on the lender. A binding form requires a positive credit decision.

You will find detailed information on the credit on the Standard European Consumer Credit Information form (pdf, 223 KB)Opens new window.

Prices

Reference rates on student loans*)
Euribor 12 month
Prime
Most common fees on student loans for Key Customers 
ItemisationPrice
Arrangement fee in Netbank
10,00 €
Arrangement fee at a branch
10,00 €
Concluding a student loan drawdown agreement
0,00 €
Cancellation of a student loan drawdown agreement due to interruption or ending of studies
0,00 €
Cancellation of a student loan drawdown agreement for other than the above-mentioned reasons
12,00 €
Partial drawdown in Netbank **)
10,00 €
Partial drawdown at a branch office **)
20,00 €
Automatic debiting of loan repayments
2,30 € / veloitus
Raising fee
10,00 €
Advance notice of loan debiting on paper or through Netbank
0,00 €
Loan payment, paper invoice
6,00 €
Payment reminder to borrower
5,00 €
Change in repayment schedule
40,00 €
Change of the reference rate
40,00 €
*) The loan interest is composed of the reference rate and a margin.
**) After the first drawdown, a partial drawdown fee is charged for each drawdown. The partial drawdown fee is not charged if the borrower and the bank have made a drawdown agreement in connection with the first partial drawdown at the latest.

Reference rates on student loans*)
Euribor 12 months  
Prime
Most common fees on student loans for Preferred Customers
ItemisationPrice
Arrangement fee in Netbank
20,00 €
Arrangement fee at a branch
20,00 €
Concluding a student loan drawdown agreement
0,00 €
Cancellation of a student loan drawdown agreement due to interruption or ending of studies
0,00 € 
Cancellation of a student loan drawdown agreement for other than the above-mentioned reasons
12,00 €
Partial drawdown in Netbank **)
10,00 €
Partial drawdown at a branch office **)
20,00 €
Automatic debiting of loan repayments
2,30 € / veloitus
Raising fee
10,00 €
Advance notice of loan debiting on paper or through Netbank 
0,00 €
Loan payment, paper invoice
6,00 €
Payment reminder to borrower
5,00 €
Change in repayment schedule
40,00 €
Change of the reference rate
40,00 €
*) The loan interest is composed of the reference rate and a margin.
**) After the first drawdown, a partial drawdown fee is charged for each drawdown. The partial drawdown fee is not charged if the borrower and the bank have made a drawdown agreement in connection with the first partial drawdown at the latest.

Reference rates on student loans*)
Euribor 12 months 
Prime
Most common fees on student loans for Check-in Customers
ItemisationPrice
Arrangement fee in Netbank
10,00 €
Arrangement fee at a branch
10,00 €
Concluding a student loan drawdown agreement
0,00 €
Cancellation of a student loan drawdown agreement due to interruption or ending of studies
0,00 € 
Cancellation of a student loan drawdown agreement for other than the above-mentioned reasons
12,00 €
Partial drawdown in Netbank **)
10,00 €
Partial drawdown at a branch office **)
20,00 €
Automatic debiting of loan repayments
2,30 € / veloitus
Raising fee
10,00 €
Advance notice of loan debiting on paper or through Netbank 
0,00 €
Loan payment, paper invoice
6,00 €
Payment reminder to borrower
5,00 €
Change in repayment schedule (free once in 12 months)
40,00 €
Change of the reference rate
40,00 €
*) The loan interest is composed of the reference rate and a margin.
**) After the first drawdown, a partial drawdown fee is charged for each drawdown. The partial drawdown fee is not charged if the borrower and the bank have made a drawdown agreement in connection with the first partial drawdown at the latest.

Reference rates on student loans*)
Euribor 12 months 
Prime
Most common fees on student loans list price
ItemisationPrice
Arrangement fee in Netbank
20,00 €
Arrangement fee at a branch
20,00 €
Concluding a student loan drawdown agreement
0,00 €
Cancellation of a student loan drawdown agreement due to interruption or ending of studies
0,00 € 
Cancellation of a student loan drawdown agreement for other than the above-mentioned reasons
12,00 €
Partial drawdown in Netbank **)
10,00 €
Partial drawdown at a branch office **)
20,00 €
Automatic debiting of loan repayments
2,30 € / veloitus
Raising fee
10,00 €
Advance notice of loan debiting on paper or through Netbank 
0,00 €
Loan payment, paper invoice
6,00 €
Payment reminder to borrower
5,00 €
Change in repayment schedule
40,00 €
Change of the reference rate
40,00 €
*) The loan interest is composed of the reference rate and a margin.
**) After the first drawdown, a partial drawdown fee is charged for each drawdown. The partial drawdown fee is not charged if the borrower and the bank have made a drawdown agreement in connection with the first partial drawdown at the latest.

Advice on loans and credits

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