Applying for a student loan

A student loan is applied for from the bank each academic year. When you need a student loan for the first time, apply for a new student loan. In the following years, apply for an increase to your existing student loan. 

Apply for a government guarantee for the student loan from Kela 

You can apply for a student loan from the bank if you have a valid student loan guarantee from Kela. The government guarantee is free of charge and it's the only collateral that you'll need.  When you have received a guarantee decision on a student loan, your bank will receive information about the decision automatically from Kela. 

Try the student loan calculator to understand the costs of a student loan

The student loan calculator is a handy tool when you plan to take out a student loan. It lets you test how the duration of your studies, loan amount, interest and repayment period affect the cost of your student loan.  

Getting ready to fill in your student loan application

You will need the start date of your studies and the estimated graduation date for the student loan application. If you don't know the exact dates, select the first date of the month. 

In the student loan application, you also need to select the reference interest rate of your loan. You can choose between 12-month Euribor or OP-Prime.  

Select how you want to draw down the student loan

Student loans can be drawn down in two ways. You can draw down the loan in the amounts of your choice with separate drawdown requests, or automatically draw down the entire loan granted to you at once.

Become an OP cooperative bank's owner-customer 

The origination fee of the student loan is €0 for OP cooperative bank owner-customers. An origination fee will be charged each academic year when you apply for a student loan. In addition, owner-customers earn OP bonuses on their student loan, which can be used to pay loan fees. 

How to apply for a new student loan or an increase to your existing loan 

The process of applying for a student loan differs, depending on whether or not you have an existing student loan. When you need a student loan for the first time, apply for a new student loan. In the following years, apply for an increase to your existing student loan. 

A diagram illustrating in which case an increase in the loan installment is applied for in a student loan, and in which case a new student loan is applied for.

If you don't have a student loan yet, apply for a new student loan

Apply for a new student loan by submitting the student loan application if you don't have a student loan yet. 

How to apply for a new student loan: 

  1. Check the decision you have received from Kela to see whether you have been granted a loan guarantee. 
  2. Apply for a student loan in the op.fi service by filling in the student loan application. 
  3. If you select separate drawdowns as the drawdown method, you need to draw down an amount that is at least €50 and up to the maximum guaranteed by Kela when submitting your student loan application. You can check the maximum guaranteed loan amount from the decision you received from Kela. After the loan is granted, the amount you selected is deposited to your account on the drawdown date set by Kela or the following weekday.
  4. If you select automatic drawdowns as the drawdown method and the loan is granted, the loan amount in Kela's guarantee decision will be automatically placed in your account on the drawdown date or the following weekday.
  5. We will send you the loan decision by messaging you in OP's digital services. Your loan application may be approved or rejected.  

If you are a minor, you will need your guardian's consent to apply for a student loan. You can book a meeting appointment by phone or ask your guardian to book an appointment for you. You do not need to submit a loan application online.

Apply for an increase to your student loan if you already have an existing student loan

If you already have a student loan, you can apply for an increase to your existing student loan. In this case, the loan instalment is added to your current student loan, and you pay interest, fees and loan repayments for only one student loan.

You can apply for an increase to your student loan even if you have switched to another study programme since your previous student loan application. 

How to apply for an increase to your student loan: 

  1. Check the decision you have received from Kela to see whether you have been granted a loan guarantee. 
  2. Apply for an increase to your student loan in the op.fi service. 
  3. If you select separate drawdowns as the drawdown method, you need to draw down an amount that is at least €50 and up to the maximum guaranteed by Kela when submitting your student loan application. You can check the maximum guaranteed loan amount from the decision you received from Kela. If a loan is granted, the amount you requested will be placed in your account. 
  4. If you select automatic drawdowns as the drawdown method and the loan is granted, the loan amount in Kela's guarantee decision will be automatically placed in your account on the drawdown date or the following weekday.
  5. We will send you the loan decision by messaging you in OP's digital services. Your loan application may be approved or rejected. 

What to do if you already have a student loan and the loan has instalments available for drawdown

If you selected automatic drawdowns according to the student financial aid decision in your application, you don't need to do anything. We will automatically transfer the loan to your account on the first possible drawdown date or on the weekday following it. You can see the drawdown dates in Kela's student financial aid decision.

If you have already applied for a student loan for the academic year and selected separate drawdowns as the drawdown method for your loan, send a drawdown request.

Can I apply for a student loan as a customer of another bank? 

To apply for a student loan from OP, you need to be an OP cooperative bank customer. If you become an OP cooperative bank owner-customer, you get your student loan without an origination fee and many other benefits.