The interest rate on a student loan consists of the reference rate and the margin. The reference rate of a student loan is the 12-month Euribor and the bank’s margin is added on top of that. You can see the interest rate values in the table below.
| Interest | Value (%) |
| 12-month Euribor* | 2.451 |
| Margin | 0.50 |
*Quoted on 13 March 2025.
We have made indicative calculations on how taking out a student loan for 1, 3 or 5 academic years affects subsequent loan costs.
These calculations help illustrate how the fluctuation of the reference rate (12-month Euribor) affects the total cost of your student loan. The indicative example calculations are based on the months of student financial aid granted by Kela. The calculations use a loan amount for three academic years (27 aid months) as the comparison.
| What is included in the amount? | Amount (€) |
| Loan amount | 22,950 |
| Interest and costs (during your studies) | 2,523 |
| Loan, interest and costs in total | 25,473 |
| Student loan compensation* | 6,200 |
| Total repayment (principal + interest + costs - student loan compensation) | 19,273 |
| Repayment schedule (15 years) | |
| Monthly loan payment (excluding interest) | 106.91 |
| Interest and costs during the repayment period
| 4,711.01 |
Please note that the calculation is indicative and assumes that interest and costs remain unchanged throughout the loan period. Also consider that the calculation is based on the assumption that the student has completed a Bachelor’s degree and a Master’s degree in Finland (5 years and 300 ECTS credits) and received student financial aid throughout their studies.
The amount of the state guarantee for your student loan depends on how old you are and where you study. The calculations are based on the maximum student loan amount of 850 euros per month for students studying at a Finnish university. Capitalisation of interest, partial drawdowns, repayment months, extra payment holidays and breaks in your studies have an impact on the interest and the costs, which is why your loan details may be different from those presented in the calculation. The reference rate of the example calculation is the 12-month Euribor with a hypothetical quotation of 2%.
*The student loan compensation is 40% of the amount of your outstanding student loan exceeding 2,500 euros, but not more than 6,200 euros.
| What is included in the amount? | Amount (€) |
| Loan amount | 22,950 |
| Interest and costs (during your studies) | 3,589 |
| Loan, interest and costs in total | 26,539 |
| Student loan compensation* | 6,200 |
| Total repayment (principal + interest + costs - student loan compensation) | 20,339 |
| Repayment schedule (15 years) | |
| Monthly loan payment (excluding interest) | 112.83 |
| Interest and costs during the repayment period
| 6,730.85 |
Please note that the calculation is indicative and assumes that interest and costs remain unchanged throughout the loan period. Also consider that the calculation is based on the assumption that the student has completed a Bachelor’s degree and a Master’s degree in Finland (5 years and 300 ECTS credits) and received student financial aid throughout their studies.
The amount of the state guarantee for your student loan depends on how old you are and where you study. The calculations are based on the maximum student loan amount of 850 euros per month for students studying at a Finnish university. Capitalisation of interest, partial drawdowns, repayment months, extra payment holidays and breaks in your studies have an impact on the interest and the costs, which is why your loan details may be different from those presented in the calculation. The reference rate of the example calculation is the 12-month Euribor with a hypothetical quotation of 3%.
*The student loan compensation is 40% of the amount of your outstanding student loan exceeding 2,500 euros, but not more than 6,200 euros.
| What is included in the amount? | Amount (€) |
| Loan amount | 22,950 |
| Interest and costs (during your studies) | 4,695 |
| Loan, interest and costs in total | 27,645 |
| Student loan compensation* | 6,200 |
| Total repayment (principal + interest + costs - student loan compensation) | 21,445 |
| Repayment schedule (15 years) | |
| Monthly loan payment (excluding interest) | 118.97 |
| Interest and costs during the repayment period
| 8,947.64 |
Please note that the calculation is indicative and assumes that interest and costs remain unchanged throughout the loan period. Also consider that the calculation is based on the assumption that the student has completed a Bachelor’s degree and a Master’s degree in Finland (5 years and 300 ECTS credits) and received student financial aid throughout their studies.
The amount of the state guarantee for your student loan depends on how old you are and where you study. The calculations are based on the maximum student loan amount of 850 euros per month for students studying at a Finnish university. Capitalisation of interest, partial drawdowns, repayment months, extra payment holidays and breaks in your studies have an impact on the interest and the costs, which is why your loan details may be different from those presented in the calculation. The reference rate of the example calculation is the 12-month Euribor with a hypothetical quotation of 4%.
*The student loan compensation is 40% of the amount of your outstanding student loan exceeding 2,500 euros, but not more than 6,200 euros.
The indicative Annual Percentage Rate (APR) of a student loan is 4,3 % when the loan amount is 4 500,00 EUR the loan period is 15 years and the margin is 0,50 %. The estimated total cost of the loan is 6 448,42 EUR and the number of loan payments is 180. The calculation includes a fee for the automatic debiting of loan payments, which is 2,50 EUR per payment, and an arrangement fee of 10,00 EUR . The calculation assumes that the loan will be drawn down over five years and the loan interest, payments and fees will remain unchanged throughout the loan period. The reference rate of the example calculation is the 12-month Euribor, which was quoted at 2,747 % (on 1 October 2024).
While you receive student financial aid from Kela, you don’t pay any interest on your student loan. The interest accrued on your student loan during your studies will be capitalised, or in other words added to the loan principal. This is done twice a year, in June and December. It means that the amount of your student loan increases by the amount of the interest each academic year.
What happens when you stop receiving student financial aid? See the example below illustrating a situation where the student financial aid has ended in the autumn of 2024.
You can get financial support from Kela for the payment of student loan interest in the form of interest assistance if you meet certain conditions.
Interest assistance means that Kela will pay all of the interest falling due on a student loan with a state guarantee.
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