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How you can apply for a student loan

A student loan is, as the name suggests, a loan granted to a student. It is an affordable way to finance your daily expenses during your studies. See how to apply for and draw down a student loan!

How to apply for a student loan

1. Apply for a state guarantee for your student loan from Kela

Start the student loan application process by filling in a study grant application, as you can apply for a study grant, housing supplement and the state guarantee from Kela on the same application. If you are a university student entitled to a study grant, you will receive a decision on the state guarantee for your student loan automatically as well.

Fill in the application to Kela with care and attach all the required documents to it. After Kela has made a favourable decision on the loan guarantee, the guarantee decision will be forwarded to the bank automatically. If you are granted a state guarantee for your student loan, you won’t need any other collateral for the loan.

Read more about the state guarantee on Kela’s website.Opens new window

2. Apply for a student loan at nordea.fi, in Nordea Netbank or in Nordea Mobile

Apply for a student loan at nordea.fi:

  • Open the student loan application from our website and identify yourself with your online banking codes.

Apply for a student loan in Nordea Netbank or Nordea Mobile:

  • In Nordea Netbank, you can apply for a student loan under the Finances tab. Select Loans - Apply for a loan - Apply for a new student loan. In Nordea Mobile, you can find the student loan application under Services.

Other things to pay attention to:

  • Your application will be processed in 1 to 3 banking days. You need to sign the loan agreement with your online banking codes when you submit the application. Once the loan is granted to you, the loan agreement and terms and conditions will be available in Nordea Netbank or the Omaposti mailbox. 
  • 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 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.
  • Note that the loan guarantee decision will be forwarded to us directly by Kela, so you don’t need to send it to us separately.

3. Drawing down a student loan

After we have granted you the loan, you can usually draw it down in your account in two instalments during the academic year:

  • In the autumn term: on 1 August at the earliest
  • In the spring term: on 1 January at the earliest

The instalments for the academic year must be drawn down on 31 July at the latest. Note that if the first payment and drawdown date fall on a weekend or a mid-week holiday, the loan won’t be transferred to your account until the next banking day.

Applying for and drawing down a student loan – frequently asked questions

Apply for a student loan

As a Nordea customer, you can apply for a student loan online.

Apply for a student loan Opens new window

What is a student loan?

A student loan is an affordable and safe option for students, which you don’t need to repay until after you finish your studies.

Read more about student loan

How far does your money stretch?

Are you unsure of what you can afford? We have a few tips for everyone in need of advice.

Read our tips for how to manage your money

Nordea – your student-friendly bank

In addition to offering student-friendly credit cards, we want to assist you in the financial decisions you make as a student and support you in your studies.

Read more about our services to students