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Student loan

Student loan helps finance life during studies

  • Apply for student loan from a bank for one academic year at a time

    When you need a student loan for the first time, apply for a new student loan. Then, the following years, apply for an additional loan instalment for your existing student loan.

  • You decide how much you use from a granted student loan

    When you access the student loan granted to you, you can draw it down in the amounts of your choice or withdraw the entire loan at once. It’s advisable only to draw down as much money as you need. A student loan must be paid back.

  • No origination fee for OP cooperative bank owner-customers

    If you're an OP cooperative bank owner-customer, you get a student loan without the origination fee if you apply for the loan on the op.fi service. You'll also gain other owner-customer benefits and earn OP bonuses which can be used to pay for your banking and insurance service charges.

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Before you apply for a student loan

Before applying for a student loan, you need a decision for a government guarantee from Kela. The government guarantee is free of charge, and it's the only collateral you will need for your loan. It's also a good idea to think about the cost of the student loan, and whether you need to draw down all or only part of the granted 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. Then, in the following years, apply for an additional instalment of your existing student loan. If you are a minor, you will need your guardian’s consent to apply for a student loan. 

Drawing down a student loan during the academic year 

Student loans can be drawn down in two ways. You can select the drawdown method when you apply for a new student loan or an additional instalment for an existing loan. 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. 

Learn more about drawing down student loan

Student loan repayment 

During the period when you receive student financial aid, interest on the student loan is added to the loan principal. Repayment of the student loan begins once student financial aid has ended. Loan interest payments will start about a year after you last received student financial aid. Actual student loan repayment (repayment of the loan principal) begins about two years after student financial aid ends. 

Read more about student loan repayment

Example of a student loan calculation 

The annual percentage rate of charge for a loan of 4,500 euros with a loan term of 15 years is 3.84%, based on a 12-month Euribor interest rate of 2.443% (as of December 2024) plus a margin of 0.5%, loan origination fee of 30 euros and a surcharge of 2.50 euros/month for automated monthly billing. The estimated total cost of the loan is 6,251.86 euros, with 112 repayment instalments in total. This calculation assumes that the loan is drawn down across five years, and that the borrowing rate and charges and fees remain unchanged throughout the loan term.

The student loan is granted by an OP cooperative bank.

Useful facts about student loans

 

When is a student loan available in the student’s account?

We’ll process your student loan application in three weekdays. We’ll also check that you have received a loan guarantee from Kela. We'll contact you if we need more information in relation to your application.

We will send you the loan decision by messaging you in OP’s digital services. Your loan application may be approved or rejected. If the loan decision is approved, you can draw down the first instalment of your loan on the first possible drawdown date or on the weekday following it.

Check the schedule for student loan drawdowns during the academic year in Kela’s student financial aid decision. The dates may change.

In most cases, you can draw down your student loan in two instalments during the academic year:

  • in the autumn term, on 1 August at the earliest
  • in the spring term, on 1 January at the earliest

In general, all loan instalments for an academic year must be drawn down no later than 31 July.

If you have chosen automatic drawdown according to the student financial aid decision, the money will be available in your account on the first possible drawdown date. Drawdown requests are processed in their order of arrival. At the beginning of terms – that is, in August and January – the service may be congested, so send a drawdown request well in advance.

How much student loan can I take out?

The maximum amount of your student loan is the same as the amount of loan guarantee stated in Kela’s loan guarantee decision.

Can I have a student loan if I study abroad?

The grounds for issuing a study grant and the grant amount are generally the same as for studying in Finland. For students studying abroad, the loan guarantee for a student loan is typically slightly higher.

Is it worth taking out a student loan?

There is no simple answer to this, as each student’s circumstances are individual, and each loan application is unique. A student loan may be a good solution if you don’t have enough money to cover your living costs and can’t combine studying with work. Our society supports students through student financial aid, and the student loan government guarantee is part of this financial aid.

Terms and conditions
Owner-customer benefits

As an owner-customer, you get benefits from a student loan and your other services with us. For example:

  • You get a student loan with no service charge if you make your loan application on the op.fi service.
  • An owner-customer earns valuable OP bonuses on a student loan. Earned OP bonuses are used to cover charges and fees related to personal banking and insurance services.