You will usually have to start repaying your student loan about two years 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. You don’t need to let us know when your student financial aid ends, as we will receive this information from Kela.
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.
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 upcoming payments in Nordea Mobile and Netbank about two weeks before the due date. The payment will include the student loan interest for six months.
Repayment of your student loan begins about 1.5–2 years after you stop receiving student financial aid. 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.
Your monthly loan payments will include the instalment (which amortises the student loan principal), interest and fees.
If you wish to alter your repayment schedule, such as change the amount of the monthly payment, you can do this by filling in the appropriate form.
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.
Read more about making changes to your repayment schedule below.
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.
In Nordea Mobile, you can edit your due date and loan account.
If you want to make changes to your repayment plan, instalment-free months or monthly payment amount, you can do this in Nordea Netbank.
We will process the changes in 1–3 days and contact you if we need more information.
You are eligible for the student loan compensation from Kela if:
Getting the student loan compensation is easy: you don’t usually even need to apply for it separately, as Kela will make the decision automatically after you have completed your degree. You will see the compensation in Nordea Mobile and Netbank as a paid instalment of your student loan.
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.
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.
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