Interest rate on a student loan

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 about 0.50%. 

While you receive student financial aid, you don’t pay any interest on your student loan. The interest accrued on your student loan during your studies will be capitalised, 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.

Interest is capitalised for the last time in the academic term following the last month in which you receive student financial aid:

  • For example, if your student financial aid ended in the spring of 2023, the last time interest was added to your loan was in December 2023. 
  • After this, interest payments are debited to your loan servicing account automatically twice a year. In this example, your first interest payment date would be 15 June 2024. This means that you pay interest for six months in one go.
  • 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. From this point on, interest will be included in your loan payments.

Read more about the 12-month Euribor rate.

In focus

Interest charged in June

  • Interest on your student loan is due on 15 June. We will charge it from your account on the next banking day, which is 17 June
  • Interest will be charged from students who no longer receive student financial aid.
  • You can see the amount of interest you have to pay on 15 June in Nordea Mobile and Netbank under your upcoming payments about two weeks before the due date. The payment will include the student loan interest for six months.
  • You can apply for interest assistance from Kela if you’re eligible.

Student loan amount

The size of your student loan depends on where you study and how old you are. The maximum student loan amount ranges between 300 and 800 euros per study month, depending on the student financial aid decision you have received.

  • For students studying at a Finnish university, the maximum student loan amount is 650 euros per month. This is the loan amount paid to all students in Finland who are 18 or older or who are eligible for the adult education allowance.
  • Student loans are also available to upper secondary school students who are under 18, but their maximum amount is 300 euros per month.
  • For students studying abroad, the maximum amount is 800 euros per month, regardless of age.

If you’re uncertain about how you qualify, you can check your maximum student financial aid with Kela’s calculator.

State guarantee for student loans will increase

The amount of the state guarantee for student loans will increase as of 1 August 2024. 

  • For students studying at a Finnish university, the maximum student loan amount will increase to 850 euros per month.
  • Student loans will also be available to upper secondary school students who are under 18, but their maximum amount will be 400 euros per month.
  • For students studying abroad, the maximum amount will be 1,000 euros per month, regardless of their age.

The number of student loan drawdowns will also change at the beginning of August. Upper secondary school students will be able to draw down their student loan in four instalments in each academic year regardless of the duration of their studies. University students who are studying for a maximum period of 12 months will be able to draw down their student loan in two instalments instead of the current one.

Repayment of a student loan

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. You have the option of making changes to your repayment schedule if you want to repay your student loan faster or if you need more time.

You can always contact us to agree on a suitable repayment schedule for you. If you do all your banking with Nordea, we can help you arrange your finances in a way that best suits you.

Read more about the repayment schedule of student loans.

Compare amounts and interest rates
9 months of student financial aid
27 months of student financial aid
45 months of student financial aid
Indicative annual percentage rate

Compare student loan amounts and interest expenses

The indicative example calculations are based on the months of student financial aid granted by Kela.

These calculations help illustrate how your student financial aid months, repayment period and interest rate affect the total cost of your student loan. The amount you can borrow depends on the state guarantee, which is the guarantee issued by Kela for your loan. The maximum amount you can borrow is the amount covered by Kela’s loan guarantee.

Frequently asked questions about student loan amount and interest rate