How to Obtain Student Loans in Finland as an International Student
Studying in Finland comes with a lot of opportunities for international students. Apart from being part of Schengen countries, Finland is known for its tuition-free universities, academic excellence, friendly people with loving environments filled with lots of activities such as hiking, hockey, fishing, and visiting resorts.
Read Also: How to Get Travel Insurance For Schengen Visa
Contents
When Is A Student Loan Necessary?
Although studying in Finland is tuition-free, students are required to take care of their living expenses e.g accommodation, tuition, and textbooks. As a means of eligibility, international students are required to prove that they have at least € 6720 per year to cover all expenses. But sometimes living in cities might require more money than the required amount and as such, you would need another source of income which may be in the form of a grant, scholarship or student loan.
How Does Student Loan Work In Finland?
KELA a social insurance institution in Finland is responsible for giving out grants to Finnish citizens however international students with permanent residence may also be eligible for their available plans. Because education is free to all regardless of their nationality, there are a few scholarships that may require one to either study the Finnish language or be a doctorate student.
What Would I Need To Obtain A Loan?
There are banks who would love to help out with your financial needs, Depending on which bank which you have decided to seek information from, there are a few requirements that may be required provide before you can access such loans they include;
- Passport
- Student I.D
- Statement of accounts
- Admission letter
Is there a Minimum Amount?
The minimum amount is determined by the bank, I would suggest that you visit about 2-3 banks to compare the minimum amount. Most banks determine their repayment plan and interest rates independently however, some banks might come up with a 30 year repayment plan option provided you remain in Finland after graduation.
Conclusion
I would suggest that you discuss various funding opportunities with your supervisor or university before leaving your home country. You can consider getting a part-time job as international students are allowed to work for a maximum of 25 hours per week.
