Student loans for the autumn can be taken out starting 1 August
The usual amount of student loan is EUR 650 per month. A student can receive EUR 2,600 or EUR 3,250 in student loan in the autumn and usually EUR 3,250 in the spring. Most students can take out their student loans for the academic year in two disbursements.
The average interest rate for student loans taken out in the spring was 0.35%, according to statistics from the Bank of Finland. The interest rates on student loans have never before been this low.
The student has to agree on when and how to take out the student loan with the bank. The student can decide whether he or she will take out the student loan and to what amount. If the student loan for the academic year 2020–2021 has not yet been taken out, the loan can be taken out before the end of July.
A positive decision on loan guarantee was now sent to 110 480 recipients of student financial aid and to 1 320 recipients of adult education subsidy. The right to loan guarantee for 1001 students who continue their studies will be decided later at the same time as the student’s application for financial aid or other pending issue is processed. Students can themselves check the validity of the student loan guarantee via Kela’s e-service OmaKela.
A year ago, 103 930 students received a decision on loan guarantee.
Student loans are granted for the entire academic year
Government guarantees for student loans are granted by Kela one academic year at a time and for the maximum amount of student loan credit available under the guarantee. The student loan and other forms of financial aid are intended for all the months of study in the academic year.
Kela cannot grant loan guarantees that exceed the maximum amount. However, students may qualify for additional financial aid if their studies are extended into the summer months or otherwise. A larger loan guarantee can also be granted for periods of study abroad.
Study grant payments to be increased slightly in August
Kela has adjusted the amounts of study grants in conjunction with issuing student loan decisions for the upcoming academic year. Starting with the academic year 2020—2021, study grants will be adjusted annually in line with the increase in prices. A 0.4% increase will be made for the upcoming academic year. Students aged 18 or over who are living independently can get a study grant of EUR 253.69 per month, an increase of EUR 0.93.
Kela will not issue separate decisions on the annual index adjustments. Students can check the amount of study grant they will get by logging into Kela’s e-service OmaKela. The loan guarantee decision for the next academic year also shows the amount of the study grant.