Student loans are state-guaranteed and must be repaid when the studies are completed. When Kela notifies the bank that your studies have been completed or suspended, it is time to draw up a repayment schedule. Your repayment schedule will always be tailored to your situation in life and your repayment capacity.
You only pay interest on your student loan while you are studying. The interest falls due twice a year: 15 June and 15 December. Interest will be added to the student loan capital on the aforementioned dates.
The interest on a student loan is capitalised during the academic years you receive student financial aid and once more after the last such academic year. When the interest is no longer capitalised, you pay the entire interest on the agreed interest payment date.
Repayment of a student loan usually begins after about 1.5 - 2 years from graduation. The repayment period is usually twice the time of studies and you can agree with us on a flexible schedule according to your life situation.
As a student in higher education, you will be granted student loan compensation paid by Kela for the qualifying debt exceeding 2,500 euros if you have started your first higher education studies on 1 August 2014 or thereafter and you have completed your degree within the set time. If the student loan compensation is granted to you, Kela will usually pay the compensation directly to your bank as an extra repayment on your student loan.
If you started your first higher education studies before 1 August 2014, you may be entitled to a student loan tax deduction.
The repayments will fall due monthly. The state guarantee is valid for 30 years from the first draw-down. After Kela has notified us that a customer with a student loan has graduated, we will contact the customer in order to agree on a repayment schedule. If we cannot reach the customer, we will draw up a repayment schedule that complies with the terms and conditions of student loan.
You can later adjust the agreed repayment schedule flexibly when your life situation changes.
After completing your studies, agree on a repayment schedule at the nearest Nordea branch or by calling Nordea Customer Service, tel 0200 70 000 Mon - Fri 10.00 - 16.30 (local network charge/mobile call charge).
When you call Customer Service, key in your access codes to speed up the service and give us a chance to offer you comprehensive banking services.