Repayment of a student loan begins when you no longer receive student financial aid

You will usually have to start repaying your student loan about one year after you stop receiving student financial aid. This means that you may have to start making repayments on your loan before you graduate. Initially you only pay interest on your loan, which is debited every six months, on 15 December and 15 June. You don’t need to let us know when your student financial aid ends, as we will receive this information from Kela.

After about 1.5 to 2 years from the end of your student financial aid, you will have to start paying back your loan principal. Your payments will include the instalment (which amortises the student loan principal), interest and fees.

We will send you a proposal for a repayment schedule with a repayment period of 15 years. If you’re happy with the repayment schedule, all you need to do is to start repaying your loan according to the plan. If you wish to change your repayment schedule, you can do this online. You can change the repayment schedule free of charge during the first six months. If you apply for a change at a later date, we will charge you the fee stated in our tariff.

Did you know?

Enjoy our student benefits until you turn 31

Our student benefits will be available to you until your 31st birthday, even if you completed your studies earlier. After this, the benefits and services will be priced according to your banking volume.

Read more about student benefits.

How you will repay your student loan

  1. If you’re entitled to student loan compensation, Kela will grant you this. You will see the compensation in Nordea Mobile and Netbank as a paid instalment of your student loan.
  2. When you stop receiving student financial aid, the interest on your student loan is added to your loan principal one more time in June or December. You will have to start repaying your student loan six months later. Initially you only pay interest on your loan, which is debited every six months, on 15 December and 15 June. Each interest payment will appear in your due payments in Nordea Mobile and Netbank two weeks before the due date.
  3. After about 1.5 to 2 years from the end of your student financial aid you will have to start paying back your loan principal. We will send you a message in Nordea Mobile and Netbank containing a proposal for a repayment schedule with a repayment period of 15 years. If you’re happy with the repayment schedule, you don’t need to contact us – all you need to do is start making your repayments according to the plan. If you wish to alter the repayment schedule, such as change the amount of the monthly payment, you can do this by filling in the appropriate formOpens new window. You can change the repayment schedule free of charge during the first six months. If you apply for a change at a later date, we will charge you the normal fee stated in our tariff.
  4. You will have to repay your loan monthly according to the repayment schedule. Your payments will include the instalment (which amortises the student loan principal), interest and fees. The margin of your student loan is 0.50%.

Want to make changes to your student loan?

If your circumstances change after we have agreed on your repayment schedule, you can later adjust it flexibly.

You can apply for an instalment-free period for your student loan or change the amount and due date of your monthly repayment, the management account and the repayment method. Any changes are subject to a fee set in our tariff which we will charge in connection with the next repayment of your loan.

Please note: The state guarantee is valid for 30 years from the first time you draw down your student loan. This means that you have to repay your loan within this period.

Go to the application formOpens new window.

Kela’s interest assistance for low-income students

Low-income students can apply for interest assistance from Kela. If Kela grants the interest assistance, you will receive support for paying the interest on your student loan every six months. The interest assistance can be paid to your personal account or directly to your bank. If the interest assistance is paid to your bank, you don’t need to pay your interest expenses in advance. If the interest assistance is paid to you, you must first pay the interest yourself, after which the interest assistance is paid to your account.

Please note: If you receive interest assistance that is paid directly to Nordea, the interest payment on your student loan will be shown in Nordea Mobile and Netbank until the due date (15 June or 15 December). The interest payment will be removed automatically from your due payments once Kela transfers the interest assistance to Nordea. In other words, you don’t need to delete the payment yourself.

Find out about interest assistance on Kela’s websiteOpens new window.

Repayment schedule of student loan