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Compare student loan amounts and interest rates
The indicative example calculations are based on the months of student financial aid granted by Kela.
Student loan amount and interest rate
Student loans are one way for the government to support your studies. You can decide if you want to draw down the entire student loan granted by Kela. Take a look at our indicative example calculations to compare student loan amounts and the amount of interest that accumulates on them.
9 months of student financial aid
Indicative calculation, 9 months of student financial aid
- Loan amount: EUR 5,850
- Repayment period: 16.5 years, including 1.5 years of studies during which you don’t have to repay the loan
- Monthly payment once you start repaying the loan after your studies: EUR 40
- Interest and costs: EUR 2,866
- Loan, interest and costs in total: EUR 8,716
- Student loan compensation: EUR 1,440
- Total amount payable (principal + interest + costs - student loan compensation): EUR 7,276 Please note that the calculation is indicative*.
*The calculation is indicative and assumes that interest and costs remain unchanged throughout the loan period. Capitalisation of interest and partial drawdowns have an impact on the total loan amount, interest and costs, which is why your loan details may be different from those presented in the calculation.
27 months of student financial aid
45 months of student financial aid
Indicative Annual Percentage Rate
Student loan amount
Your student loan amount is stated in the student financial aid decision you receive from Kela and it may be between 300 and 650 euros a month, or up to 800 euros a month if you’re studying abroad.
You don’t have to draw down the entire loan, as you will apply for the student loan separately for each year. If you choose partial drawdowns, you get to decide how much of the loan you want to draw down and when.
You may also be entitled to student loan compensation, which means Kela will pay back part of your student loan. Read more about student loan compensation.
Interest rate on a student loan
The interest rate on a student loan consists of the reference rate and the margin. The reference rate is the 12-month Euribor on top of which the bank’s margin of about 0.50% is added.
You don’t pay any interest on your student loan during your studies. The interest accrued on your student loan during your studies will be capitalised, in other words added to the loan principal. Interest is capitalised twice a year, in June and December. Interest is capitalised also in the academic term following the last month in which you receive student financial aid. Once the interest has been capitalised, it will be debited from your loan management account as usual.
Repayment of a student loan
We offer you the opportunity to repay your student loan over 15 years. 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.
