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Student loan

Something sweet on your bread or bank account? Apply for a state-guaranteed student loan to fund your student life or to build a buffer for your future or any major purchases.

Student loan in a nutshell

A student loan will help you fund your student life and allow you to focus on what matters the most – your studies.

  • Apply for an affordable student loan from us as soon as you have been granted a loan guarantee by Kela.
  • Since the student loan is state-guaranteed, you won’t need any other security for the loan.
  • You can apply for a student loan easily online or in mobile bank. Your application will be processed within 1–3 banking days.
  • The amount of the student loan is 300–650 euros a month, as stated in Kela’s student financial aid decision. You can choose to draw down your student loan in instalments or for the whole academic year in one go.
  • The repayment of student loans usually begins 1.5–2 years after the payment of student financial aid ends. We will always tailor a flexible repayment schedule to your needs, taking into account your student loan amount, personal circumstances and repayment ability.
  • When you complete your first university degree within the set time and your outstanding loan amount is at least 2,500 euros, Kela will pay back part of your student loan as student loan compensation.

State guarantee for a student loan

  • A state guarantee is a security instrument granted for a loan by the state. The amount of the state guarantee depends on the loan type; it guarantees a student loan in full, for example.
  • The state guarantee makes a student loan a very affordable option. The reference rate applied to a student loan is the 12-month Euribor. The bank’s margin is added on top of the reference rate.
  • You will receive a state guarantee decision for your student loan automatically from Kela in the case of a study grant or from the Employment Fund in the case of an adult education allowance.
  • Even if you’re not entitled to a study grant, you can still obtain a loan guarantee in certain special cases. See if you are eligible for a student loan on Kela’s websiteOpens new window.
  • Kela will pay back part of your student loan as student loan compensation if you have started your first university studies on 1 August 2014 or later and completed your degree within the set time.
    Read more about student loan compensation.
  • The state guarantee is valid for 30 years at the most from the first drawdown of the loan.

Interest rate on a student loan

According to the statistics of the Bank of Finland, the interest rate on student loans drawn down in the spring was 0.48%, which is lower than ever before. The interest rate on your student loan is determined in the agreement you make with Nordea.

During your studies, you will not pay any interest. Instead, interest will be capitalised, or in other words added to the loan principal, twice a year: on 15 June and 15 December.

Interest is added to your student loan during the terms you receive student financial aid and once more after the last such term.

If your income is low, you can apply for interest assistance from Kela once you have graduated. This means that Kela will pay the interest on your student loan in full, and you will not have to repay it to Kela. You are eligible for interest assistance if your income doesn’t exceed a set limit and if your bank has begun to charge you interest instead of capitalising it. 

Student loan payment and drawdown dates

You can check the student loan payment dates from Kela’s student financial aid decision or on Kela’s website. Student loans are usually paid out twice in an academic year. This means that you can draw down your student loan in two instalments during the academic year. 

  • In the autumn term, the payment and drawdown date is on 1 August at the earliest.
  • In the spring term, the payment and drawdown date is on 2 January at the earliest.
  • The instalments for the academic year must be drawn down on 31 July at the latest.

Please note that if the first payment and drawdown date fall on a weekend or a mid-week holiday, the loan can be transferred to your account on the next banking day.

Student loan and studying abroad

Before you go to study abroad, there are a few things to consider. First of all, you should find out the actual studying costs (such as tuition fees, living, rent). You also need to consider how you’ll handle your banking matters while studying abroad.

  • Students living abroad can apply for a student loan raise to cover their expenses. The raised student loan amount for persons living abroad who are entitled to Finnish social security is 800 euros a month.
  • If you complete your degree abroad, you can draw down your student loan for the entire academic year in one go. 

Contact us – let’s find the best solutions for you!

Apply for a student loan

As a Nordea customer, you can apply for a student loan online. If you are not yet a Nordea customer, please leave us a contact request.

Apply for a student loan

After your studies

Changes to a student loan

You can make changes to your student loan when needed. You may want to make changes to the terms and conditions of your student loan when you face unexpected situations, for example. It is possible to make the following changes to student loans granted by Nordea:

  • change the payment date of the student loan permanently
  • change the reference rate
  • increase or reduce the amount of the instalment
  • change from automatic debiting to paper invoices
  • apply for an instalment-free period.

You can make the following changes yourself in mobile bank:

  • change the due date
  • change the loan servicing account.

Changes to your student loan are subject to a fee in accordance with our tariff. For more detailed prices, terms and conditions and standard consumer information, please see below.

Read more about the repayment of student loans

Applying for student loan

Applying for a student loan from Nordea is easy. You can apply in mobile bank or Netbank as soon as you have received a loan guarantee decision from Kela.

Read more about applying for student loan

Student loan compensation

Student loan compensation means that Kela will pay back part of your student loan as long as certain conditions are met.

Read more about student loan compensation

Student loan repayment schedule

The repayment of your student loan will begin 1.5–2 years after your graduation. The repayment schedule is tailored to your needs, taking into account your repayment ability.

Read more about the repayment of student loans

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Student loan - Prices

Most common fees on student loans
Arrangement fee in Netbank
10,00 €
Arrangement fee at a branch
20,00 €
Concluding a student loan drawdown agreement 
0,00 €
Cancellation of a student loan drawdown agreement due to interruption or ending of studies 
0,00 € 
Cancellation of a student loan drawdown agreement for other than the above-mentioned reasons 
0,00 €
Partial drawdown in Netbank *) 
10,00 €
Partial drawdown at a branch office *)  
20,00 €
Automatic debiting of loan repayments 
2,30 € / charge
Loan payment, paper invoice4,10 € / charge
Raising fee 
10,00 €
Advance notice of loan debiting on paper or through Netbank  
0,00 €
Payment reminder to borrower 
5,00 €
Permanent change of due date0,00 €
Change in loan terms (e.g. change of repayment schedule, increase of installment, reference rate, billing method)
40,00 €
Decrease of installment payment5,00 €
Deferred amortisation5,00 €
Change of the loan servicing account0,00 €
Move loan to another bank by customer's request. The fee is paid by the other bank.
120,00 €

*) After the first drawdown, a partial drawdown fee is charged for each drawdown. The partial drawdown fee is not charged if the borrower and the bank have made a drawdown agreement in connection with the first partial drawdown at the latest.

Terms and conditions
Consumer Credit Information

Apply for a student loan

As a Nordea customer, you can apply for a student loan online. If you are not yet a Nordea customer, please leave us a contact request.

Apply for a student loan

Contact Nordea Customer Service  

Mon-Fri 8.00 - 18.00

0200 70000 (lnc/mcc*)

* local network charge/mobile call charge