A larger amount of student loan can be taken out starting from August

Following the amendments to the Act on Student Financial Aid, the amounts of the government guarantees to student loans will be increased. For students aged over 18 years who are studying in Finland, the loan guarantee will increase from EUR 650 to EUR 850 per month. For students under 18 in upper secondary education, the loan guarantee will go up from EUR 300 to EUR 400 per month. For students who are studying abroad, the loan guarantee will increase from EUR 800 to EUR 1,000.

In addition, the number of disbursements of student loan funds will change. Going forward, student loan funds will be available for students in upper secondary education in four disbursements over the academic year regardless of the duration of the studies. In addition, the number of loan disbursements will be two for all higher education studies. For studies that are completed entirely abroad, the number of loan disbursements is still one for each academic year.

The changes concerning student loans will take effect on 1 August 2024. The first loan disbursement for the academic year 2024-2025 can be taken out starting from the beginning of August.

Students can check the maximum amounts of the student loan, the loan disbursements, and the first and last dates of disbursement in the financial aid decision or the OmaKela e-service.

Student loans are disbursed by banks

Students must agree with their bank when and how they will take out a student loan and on a schedule for paying back the loan. The decision whether to take out a student loan and how much is up to each student. Because the loan is guaranteed by Kela the student does not have to put up any other security.

Repayment of the loan usually starts 6-18 months after the student financial aid has ended. During the studies, the interest due on the loan is added to the loan capital, which means that the loan amount increases with the interest. The interest is added to the loan capital a further term after the student financial aid has ended. After that the student must pay the interest themselves.

The state guarantee is granted for up to one academic year at a time

Kela has reviewed the student loans of students who continue their studies this upcoming academic year, and decisions on loan guarantee have been sent to 112,884 students. If the student already has a financial aid case pending at Kela, the student will receive a decision on the loan guarantee in connection with the processing of the financial aid case. For instance if the student has reported a change in circumstances that affects the financial aid, the student will receive a financial aid decision regarding the change and a decision on loan guarantee for the following academic year at the same time.

Any student loan funds not yet released for the academic year 2023-2024 can be taken out at the latest by the end of July.

Additional information for customers

Student loan

How to apply for a student loan

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