Skip menuLog in to Nordea NetbankLog in to Nordea Business

Drawing down your student loan during the academic year

You can draw down your student loan to your account once we have granted you the loan. If you choose the drawdown agreement, we will transfer the entire amount of the granted student loan to your account automatically. If you don’t want to draw down the whole loan at once, you can choose the partial drawdown agreement.

A student loan is usually drawn down in two instalments – one in the autumn and one in the spring. You will see the maximum amount, drawdown instalments and the first and last drawdown date of your student loan in the decision on student financial aid you received from Kela. You must draw down the granted student loan during the same academic year by 31 July at the latest.

Read more about your options below. 

Get your student loan paid automatically to your account

To get your loan automatically paid to your account in instalments, sign up for our hassle-free student loan drawdown agreement. 

  • If you choose a drawdown agreement on your student loan application, the loan will be transferred to you automatically on the first possible drawdown date. In the autumn term, the earliest possible drawdown date is 1 August, and in the spring term, it’s 1 January. 
  • The loan will be transferred to your account on the payment dates mentioned in the guarantee decision. You can open a separate PerkAccount for managing the amount of the loan that you haven’t spent. From the PerkAccount, you can make as many transfers to your current account as you need without any restrictions. Read more about PerkAccount.
  • No other costs will be charged besides an arrangement fee or a raising fee (10,00 €). See our tariff.

Changes to the number of student loan drawdowns as of 1 August 2024

The number of student loan drawdowns will 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. For other students, the number of drawdowns will remain unchanged.

The drawdown dates of a student loan are at the beginning of January and August

Once we have granted you a student loan, you can draw it down to your account in two instalments during the academic year. 

  • The earliest student loan drawdown date in the autumn term is 1 August.
  • The earliest student loan drawdown date in the spring term is 1 January.
  • The instalments for the academic year must be drawn down on 31 July at the latest.
  • January and August are a busy period for loan applications, so we may have occasional delays in processing them.

You can draw down your student loan in instalments

If you prefer to draw down your loan when you need it, you should conclude a partial drawdown agreement with us. 

  • A partial drawdown agreement means that the student loan won’t be transferred to your account automatically on the first possible drawdown date. 
  • You can submit a drawdown request using the student loan application when you want to transfer some of the loan to your account.
  • You can make a partial drawdown when you have outstanding loan balance and wish to have a part of your loan amount transferred to your account.
  • The first partial drawdown is free of charge. Subsequent drawdowns are subject to an arrangement fee or a raising fee (10,00 €) as well as a partial drawdown fee (10,00 €). See our tariff.

Do you need to borrow money during the summer?

If you continue your studies over the summer and receive student financial aid, you can also take out a student loan. For this, you need a valid guarantee decision that you haven’t used yet.

To obtain a student loan for the summer, fill in the same form as you would normally:

Go to the online application

Drawdown of student loan

Sign a drawdown agreement or a partial drawdown agreement.

Draw down your student loan online

Become Nordea’s student customer

Sign up as a university student customer and enjoy our student benefits.

Fill in the sign-up form

Frequently asked questions about drawing down a student loan

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.

Need help?

Personal customers