Kela has sent the decisions on granting student loan guarantees for the coming academic year to 109,150 recipients of support and 1,200 recipients of adult education support. A decision on the loan guarantee will be sent to a student who has a support application, notification of change of circumstances or other pending matter when the other matter is resolved. This applies to 680 students.
A year ago, 111,800 students received a loan guarantee decision.
Kela grants government guarantees for student loans for one academic year at a time and for the maximum amount of the student loan according to the guarantee. A typical loan guarantee is 650 euros per month. A student can get a student loan of 2,600 or 3,250 euros in the fall and usually 3,250 euros in the spring.
The student loan and other financial supports are intended for all study months of the academic year. Kela cannot grant loan guarantees that exceed the maximum amount. However, students can receive additional support if their studies are extended to the summer months or otherwise. A larger loan guarantee can also be granted for studying abroad.
Students can check the validity period of the loan guarantee by using OmaKela electronic service or by contacting us Reel by phone.
Banks that pay student loans
The student must agree with the bank when and how they will take out a student loan. Taking out a student loan and the amount is up to each student.
Most students take out their student loan in two installments during the academic year. The first batch will be available from the beginning of August. Student loan funds that have not yet been distributed for the academic year 2021-2022 can be withdrawn before the end of July.
According to the Bank of Finland’s statistics, the average interest rate on student loans taken out in the academic year 2021โ2022 was 0.3%. The current general increase in interest rates also increases interest rates on student loans.
The study allowance will be indexed in August
Kela has specified the amounts of study grants in connection with student loan decisions for the coming academic year. The euro-denominated amounts of study grants are revised annually in accordance with changes in the national pension index. A 5.7 percent increase will be made for the coming academic year. From August 2022, the tuition fee for students over the age of 18 living independently will be increased by 14.54 euros to 268.23 euros per month.
Kela does not make separate decisions about the annual revision of the index. Students can check the amount of study money they have received by logging into the OmaKela online service. The loan guarantee decision for the next academic year also shows the amount of the student grant.
Source: Kela
Source: The Nordic Page