Student loan

A student loan will make your life easier. With finances in order, you can focus all your energy on studying. Use the code app to apply for a student loan online or mobile bank.

Move forward with your studies

A student's most important goal is to learn new things every day. A student loan allows you to concentrate on your studies. It is a secure and inexpensive way to finance your living expenses while you study. You are eligible for a student loan if you study full time. Since the government guarantees the student loan, no other security or guarantee is required. You can easily submit a loan application online.

  • Affordable student loans to Nordea´s customers.
  • Your account is credited on the drawdown dates free of charge if you have a valid agreement on the drawdown of the loan payments.
  • Flexible repayment schedule.
  • The student loan compensation is a new financial aid benefit

For the application, you will need Kela’s decision on student financial aid in the form of a state guarantee.

General about student loan

  • Student loans are state-guaranteed and must be repaid when the studies are completed.
  • The student loan can be 300– 650 euros a month according to the decision on student financial aid. If you study abroad, the loan may amount to 800 euros a month.
  • The state guarantee is in force for 30 years at the most from the first drawdown of the loan.
  • The reference rate options are Nordea Prime and the 12-month Euribor. The bank’s margin is added on top of the reference rate.
  • When you have a valid decision on a state guarantee, you can make a student loan application and partial drawdown requests in Netbank.
  • As of the academic year 2011–2012, the state guarantee for student loans is granted without a separate application to all university students receiving a student grant.
  • Kela will pay a portion of your student loan as student loan compensation if you have started your first higher education studies on 1 August 2014 or later and you have passed your degree within the target time.

Studying abroad

There are many considerations. First of all, you should find out the actual studying costs (such as tuition fees, living, rent). How should you arrange your banking? How to pay bills in Finland and transfer money from Finland to another country? How will you pay for your purchases abroad and will there be any tax considerations? Come and discuss all this with us – let's find the best options for you!

Applying for a student loan

First you will need a benefit decision on a student loan guarantee from Kela for the current term. When you have received it, you can apply for a student loan in Netbank. Go to Loans/Student loan/Student loan application. The processing of the application takes from one to three banking days. After receiving your application, Nordea contacts Kela, which sends the guarantee decision to the bank electronically. You will sign the loan agreement in Netbank with your the access codes.

Note that if you are under 18, the only way to apply for and draw down the loan is to do it at a branch as we need your guardians’ consent to the loan.

Kela’s benefit decision states the amount of your student loan and the dates on which you can make drawdowns.

Drawdown agreement and partial drawdowns

When you make a loan application in Netbank, you are requested to choose between a drawdown agreement and partial drawdowns. If you choose the drawdown agreement, the bank will transfer each loan drawdown automatically to your account on the first possible drawdown date, as stated in the guarantee decision. This means that the loan drawdowns are transferred to your account on the dates mentioned in the benefit decision. If you make a drawdown agreement in connection with the first drawdown, no other fees will be charged except the arrangement or raising fee.

If you choose partial drawdowns, the loan will not be transferred to your account automatically on the first possible drawdown date. Instead, you need to request for the drawdown separately. This way you can decide on the amount of loan you want to draw down each time. You can send a drawdown request through Netbank. If you choose separate drawdowns through Netbank, you will be charged an arrangement or raising fee and also a drawdown fee for the second and following partial drawdowns.


While you study

The interest falls due twice a year: on 15 June and 15 December. Interest will be added to the student loan capital on the aforementioned dates. 

After graduation

Once you have completed your studies, we can draw up a flexible personal repayment schedule that will suit your life situation. Repayment usually begins about 2 years after you have finished your studies.

As a student in higher education, you will be granted student loan compensation paid by Kela for the qualifying debt exceeding 2,500 euros if you have started your first higher education studies on 1 August 2014 or thereafter and you have completed your degree within the set time.

If you started your first higher education studies before 1 August 2014, you may be entitled to a student loan tax deduction.

The repayments will fall due monthly. The state guarantee is valid for 30 years from the first drawdown.

You can later adjust the agreed repayment schedule when your life situation changes.

Student loan compensation

Student loan compensation is a financial aid benefit for students in higher education.

Read more

Repayment schedule of student loan

Your repayment schedule will always be tailored to your situation in life and your repayment capacity.

Read more

Prices - List price
Most common fees on student loans, list price
Arrangement fee in Netbank 
20,00 €
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 
12,00 €
Partial drawdown in Netbank **) 
10,00 €
Partial drawdown at a branch office **) 
20,00 €
Automatic debiting of loan repayments 
2,30 € / charge
Raising fee 
10,00 €
Advance notice of loan debiting on paper or through Netbank  
0,00 €
Loan payment, paper invoice 
6,00 €
Payment reminder to borrower 
5,00 €
Change in repayment schedule 
40,00 €
Change of the reference rate 
40,00 €
**) 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.
Prices - Check-in customers
Terms and conditions
Consumer Credit Information

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