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New student, see how you can apply for a student loan

With a student loan, you can finance your daily expenses safely and affordably. Follow the steps below 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 security for the loan.

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

2. Apply for a student loan easily in Nordea Netbank or Nordea Mobile

  • Apply for a student loan in the old Netbank under Loans > Student loan > Student loan application. In Nordea Mobile, you can find the student loan application under “Services”.
  • The processing of the application takes from one to three banking days. You need to sign the loan agreement in connection with your application online with the code app. Once you have been granted a loan, the loan agreement and terms and conditions will be available in Netbank. 
  • 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 a branch with a power of attorney. After this, you can apply for and drawn down a student loan through Nordea Customer Service if you have Nordea’s access codes. Alternatively, you can visit a branch.
  • Please note that Nordea will receive a notice on the loan guarantee directly from Kela, so you don’t need to send it to us separately.

Student loan drawdown agreements

When you’re filling in your student loan application, you need to choose between a drawdown agreement or a partial drawdown agreement.

What is a drawdown agreement?

  • The bank will transfer the loan automatically to your account on the first possible drawdown date, as stated in the guarantee decision. 
  • The loan will be transferred to your account on the payment dates mentioned in the financial aid decision. 
  • If you make a drawdown agreement in connection with the first drawdown, no other fees will be charged except an arrangement fee or a raising fee.

What is a partial drawdown agreement?

  • 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. 
  • You can determine the drawdown amount by making a drawdown request in Netbank. 
  • In addition to an arrangement fee or a raising fee, you will be charged a partial drawdown fee for the second and subsequent partial drawdowns.

Student loan payment and drawdown dates

You can check the student loan payment dates from Kela’s student financial aid decision or on Kela’s website. Student loans are usually paid out twice in an academic year. This means that you can draw down your student loan in two instalments during the academic year. 

  • In the autumn term, the payment and drawdown date is on 1 August at the earliest.
  • In the spring term, the payment and drawdown date is on 2 January at the earliest.
  • The instalments for the academic year must be drawn down on 31 July at the latest.

Please note that if the first payment and drawdown date fall on a weekend or a mid-week holiday, the loan can be transferred to your account on the next banking day.

Apply for a student loan

As a Nordea customer, you can apply for a student loan online. If you are not yet a Nordea customer, please leave us a contact request.

Apply for a student loan

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

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