Ways to draw down a student loan
Separate drawdowns
When you select separate drawdowns in the student loan application, you can draw down the loan during the academic year by submitting drawdown requests. You choose the amount of the student loan you want to draw down, up to the maximum amount guaranteed by Kela.
If you're unsure how much of the student loan you need during the academic year, select separate drawdown requests in your application. This option is suitable for most students.
Separate drawdowns can be used to draw down at least €50 and up to the amount guaranteed by Kela, which you can check from the decision you received from Kela. See the loan origination fee and other student loan charges in our list of charges and fees.
When you want your student loan deposited into your account, submit a drawdown request at op.fi or in OP's chat.
Automatic drawdown
When you choose automatic drawdowns in your student loan application, the amount specified in the guarantee decision by Kela will be deposited into your account automatically on the drawdowns set by Kela in the autumn and spring terms. In this case, you do not need to submit separate drawdown requests.
If you need to draw down the maximum loan for the academic year, select automatic drawdowns.
Please note that the loan amount granted to you may be larger than the amount based on which Kela grants student loan compensation. If you wish to only take out the maximum amount for which Kela will grant compensation, select separate drawdown requests instead of automatic drawdown.
When are student loans deposited into my account?
Your maximum loan amount, drawdown amounts and the first and last drawdown dates are shown in your student financial aid decision.
Drawdown requests are processed in the order in which they arrive. Note that there may be delays in processing the applications at the beginning of the term, in August and January.
The student loan must be drawn down during the academic year for which it was granted, usually by the end of July.
How much of a student loan should you take out?
It's advisable to only draw down the amount of the student loan you need. The student loan calculator is a handy tool when planning taking out a student loan. It lets you test how the length of your studies, loan amount, interest and repayment period affect the cost of your student loan.
Please also note that the loan amount granted to you may be larger than the amount based on which Kela grants student loan compensation. If you wish to only take out the maximum amount for which Kela will grant compensation, draw down the loan in parts and follow how much you have taken out in loans in the op.fi service.
First, apply for a new student loan or an increase to your existing loan
A student loan is applied for from the bank each academic year. Before drawing down your student loan, you need to apply for a new loan or an increase to your existing loan from the bank. Once the bank has granted you the student loan, you can draw down the loan to your account.