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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?
- If you no longer receive student financial aid, you will have to pay the interest on your student loan on 15 December. Read more on how interest is charged on your student loan
- 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.
Applying for a student loan
Top-up of a student loan
Draw student loan
Changes to a student loan
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.
Not banking with us yet?
If you are not yet a Nordea customer, just fill in the application online to become one. You can open an account and other daily banking services with the same application. When you also sign up as our student customer, you will get access to our university student benefits.
Are you under 18 years old?
If you are a minor, you need your guardians’ (both guardians if you have two) consent for applying for a student loan. Your guardians can give their consent digitally through Nordea Omaposti, over the phone with their access codes or in-branch with a power of attorney. After this, you can apply for and draw down a student loan through Nordea Customer Service if you have Nordea’s access codes. Alternatively, you can visit one of our branches.
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
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
Prices
Indicative annual percentage rate
Consumer Credit Information
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 |
|---|---|
| Arrangement fee in Netbank
| 10,00 € |
| 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
| 0,00 € |
| Partial drawdown in Netbank *)
| 10,00 € |
| Partial drawdown by customer service *)
| 20,00 € |
| Automatic debiting of loan repayments, price before 1.2.2021
| 2,30 € / charge |
| Automatic debiting of loan repayments, price from 1.2.2021 | 2,50 € / charge |
| Loan payment, paper invoice | 4,10 € / charge |
| Raising fee
| 10,00 € |
| Advance notice of loan debiting on paper or through Netbank
| 0,00 € |
| Payment reminder to borrower
| 5,00 € |
| Permanent change of due date | 0,00 € |
| Change in loan terms (e.g. change of repayment schedule, increase of installment, reference rate, billing method)
| 40,00 € |
| Decrease of installment payment | 5,00 € |
| Deferred amortisation | 5,00 € |
| Extra repayment | 0,00 € |
| Change of the loan servicing account | 0,00 € |
| Move loan to another bank by customer's request. The fee is paid by the other bank.
| 150,00 € |
*) 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.
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 .
