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A quick guide to applying for a student loan
See our short video for quick tips on how to apply for a student loan. You will find more detailed instructions along with answers to frequently asked questions further down this page.
In focus
Have you noticed these?
- Ask on Jodel! Our nordea_aspa account is available to answer questions from Monday to Friday.
- The positive credit register was introduced on 1 April 2024. Read more about the register.
Remember to first apply for a state guarantee
You can apply for a student loan once you have been approved for a state guarantee by Kela. The state guarantee means that the government guarantees your student loan. The state guarantee doesn’t cost you anything, and you don’t need any other collateral for the loan.
- If you are a university student, you will automatically receive a decision on the loan guarantee with Kela’s student financial aid decision.
- If you are studying in a secondary school or a vocational school, you need to submit a separate application for the loan guarantee to Kela at the same time as you apply for a study grant and the housing supplement. And you should apply for the loan guarantee for your entire period of study on one application. This will allow you to decide whether you want to apply for and draw down a student loan for your entire period of study or a part of it.
After Kela has accepted your application for the loan guarantee, the guarantee decision will be forwarded to your bank automatically. If you continue your studies, you will automatically receive a loan guarantee decision for the next academic year in July.
If you are not entitled to a study grant, you can still get a loan guarantee in certain special cases.
See if you are eligible for a student loan on Kela’s websiteOpens new window.
How does the student loan amount affect the total cost?
Take a look at our indicative example calculations to compare student loan amounts and the amount of interest that accumulates on them.
Step-by-step guide to applying for a student loan
You need to apply for the student loan from your bank separately for each academic year. If you already have a student loan and want to renew it for the upcoming academic year, you should apply to top up your existing loan.
How to fill in the student loan application form
- Check the decision you have received from Kela to see if you have been approved for a loan guarantee.
- Log in to Nordea Mobile or Netbank.
- Select “Services”, then “Loans”, then “Student loan”.
- Select “Apply for a student loan” and fill in the application form. Sign the application with the Nordea ID app.
Don’t bank with us yet?
Would you like to have a chat about becoming our customer? Fill in our contact form and we’ll help you get started. When you sign up as our student customer, you’ll get access to our university student benefits.
How to top up your existing student loan
You need to apply for the student loan separately for each year. You can apply for the top-up the same way you applied for your original loan, using our student loan application form.
- Check the decision you have received from Kela to see if you have been approved for a loan guarantee.
- Log in to Nordea Mobile or Netbank.
- Select “Services”, then “Loans”, then “Student loan”.
- Select “Apply for a student loan” and fill in the application form. Sign the application with the Nordea ID app.
You will receive the money in your account in 1–3 working days
We normally process student loan applications in 1–3 working days. However, during the peak periods (January, August and September), it may take us longer than three days to process your application. Once the loan is granted to you, you will receive the loan agreement and terms and conditions in a message via Nordea Mobile and Netbank.
If you choose the drawdown agreement, we will transfer the entire amount of the granted student loan to your account automatically. If you don’t want to draw down the whole loan at once, you can choose the partial drawdown agreement.
Apply for a change to your student loan
You can adjust your repayment schedule flexibly even after the initial repayment schedule has been settled.
You can apply for an instalment-free period for your student loan or change the amount and due date of your repayment, the management account and the repayment method. Any changes are subject to a fee in accordance with our tariff and it will be charged in connection with the next repayment of the loan.
Read more about the changes you can make to your student loan
Are you under 18 years old?
As a minor, you can apply for a student loan if you are eligible for the state guarantee and your guardians (both, if you have two) have consented to you applying for the loan.
You are eligible for a state-guaranteed student loan if you are under 17 years old and don’t live with your guardians and if your guardians’ combined annual income is less than 64,400 euros.
Your guardians can give their consent by sending us a message in Nordea Mobile or Netbank, by calling us and verifying their identity with their online banking credentials or by giving you a power of attorney to present in branch. If your guardians don’t bank with Nordea, they can give their consent through the Nordea Omaposti service.
Once you have their consent, you can apply for and draw down a student loan. If you have personal online banking codes, you can call us to apply for a student loan. If you don’t have personal online banking codes, you can apply for and draw down a student loan in branch. Book an appointment for a branch visit by calling us.
Borrow money for your studies without a state guarantee
You can apply for a student loan if Kela has agreed to grant a state guarantee for your loan.
The state guarantee requires that you have been approved for either student financial aid in the form of a study grant by Kela or for an adult educational allowance by the Finnish Employment Fund. Please note that the adult educational allowance was discontinued for new studies starting from autumn 2024.
If your new studies don’t meet the criteria for a state guarantee, you can still apply for a different type of loan to pay for your expenses while you study.
Simply fill in our application form for secured consumer credit and we’ll get in touch with you to find the right solution for you. Submitting the application doesn’t commit you to anything. You can access the application form by pressing the button below.
Various associations, foundations and unions also award scholarships and grants that you can apply for.
Student loan and studying abroad
If you are completing your degree abroad, you can draw down your student loan for the entire academic year in one go. Students living abroad can apply for a student loan raise to cover their expenses.
Budgeting student loan and tracking your finances
In Nordea Mobile's Insights -tab your income and expenses are already categorized. You can change the settings and categories so that the tracking serves you and your needs.
Student loan compensation is a tax-free form of financial aid for students
Student loan compensation means that Kela will pay back part of your student loan as long as certain conditions are met.
Information on student loans
- What is a student loan?
- How big a student loan can I get?
- When will the student loan be paid in my account?
- How do I apply for a state guarantee for my student loan?
- Do I need additional collateral for a student loan?
- Will my university student benefits end when I graduate?
- How do I know if my loan application has been approved?
- Do I have to apply for a student loan every year?
- Do I need to inform the bank of my graduation?
Terms and conditions
for loans granted after 19.1.2024
for loans granted after 1.10.2023
for loans granted before 1.10.2023
Student loan – prices
| Itemisation | Price |
|---|---|
| Loan – granting, drawdowns and fees: | |
| Arrangement fee (initial and top-up) in Nordea Mobile and Netbank | 10,00 € |
| Arrangement fee in Nordea Customer Service | 20,00 € |
| Student loan drawdowns in instalments determined in the guarantee decisions with an automatic drawdown agreement | 0,00 € |
| Partial drawdowns in separate instalments after requests made in Nordea Mobile and Netbank | 10,00 € |
| Partial drawdowns in Nordea Customer Service | 20,00 € |
| Automatic debiting of repayments in loans drawn down before 1 February 2021 | 2,30 € per debit |
| Automatic debiting of repayments in loans drawn down after 1 February 2021 | 2,50 € per debit |
| Paper invoice to home address | 4,10 € |
| Extra repayment | 0,00 € |
| Advance notice of loan debiting on paper or through Nordea Mobile and Netbank | 0,00 € per debit |
| Loan changes: | |
| Change of repayment schedule (change of reference rate or repayment method, increase of monthly payment or change from automatic debiting to paper invoices) | 40,00 € |
| Reduction of monthly payment | 5,00 € |
| Payment holiday | 5,00 € |
| Change of due date | 0,00 € |
| Change of loan servicing account | 0,00 € |
| Change to the initial repayment schedule proposal within 6 months of reception | 0,00 € |
| Transfer of loan to another bank upon the customer’s request. Charged to the receiving bank. | 150,00 € |
The arrangement fee and partial drawdown fee (if any) are deducted from the drawn loan amount.
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 .
