Young woman at the Helsinki University library.


The Finnish government has announced that the guarantees for student loans will increase starting August 2024. Additionally, the number of disbursements for students studying in Finland will also rise, with the first loan disbursement for the upcoming academic year available from early August.

Following amendments to the Act on Student Financial Aid, the government guarantees for student loans will be adjusted.

For students aged over 18 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 guarantee will rise from EUR 300 to EUR 400 per month. For those studying abroad, the guarantee will go up from EUR 800 to EUR 1,000.

Furthermore, the distribution of student loan funds will be modified. Upper secondary education students in Finland will receive funds in four disbursements over the academic year, irrespective of the study duration. For higher education studies, the number of disbursements will be two per academic year. For studies completed entirely abroad, the disbursement schedule will remain one per academic year.

These changes will take effect on August 1, 2024, with the first loan disbursement for the 2024-2025 academic year available from the beginning of August. Students can verify the maximum loan amounts, disbursement schedules, and disbursement dates through their financial aid decisions or the OmaKela e-service.

Student Loans Disbursed by Banks

Students need to arrange with their banks when and how to take out a student loan and set up a repayment schedule. The decision on whether to take out a loan and the amount to borrow is up to the individual student. Since the loan is guaranteed by Kela, no additional security is required from the student.

Loan repayment typically begins 6-18 months after the end of student financial aid. During the study period, the interest on the loan is added to the loan capital, thereby increasing the loan amount. After the financial aid period ends, the interest continues to be added to the loan capital for one more term, after which the student must start paying the interest themselves.

State Guarantee for One Academic Year

Kela has reviewed the student loans for the upcoming academic year, sending decisions on loan guarantees to 112,884 students. Students with ongoing financial aid cases at Kela will receive decisions on the loan guarantee along with their financial aid decisions if there have been any changes affecting their aid.

Any remaining student loan funds for the 2023-2024 academic year must be taken out by the end of July.