The bank lends, Kela guarantees
A bank grants the student loan and Kela gives the loan a state guarantee, so no other security is needed. A higher-education student can receive up to EUR 850 per month. The bank sets the interest and other terms, which is why offers are worth comparing.
The market right now
We track 6 products from 6 lenders. 0 products (0%) publish a rate; for the rest the price is negotiable or not published.
In this category lenders do not publish a rate for now, so the price depends on the applicant.
Data updated automatically.
How a student loan works
A student loan is a loan granted by a bank, to which Kela gives a state guarantee. Thanks to the guarantee no other security is needed. A higher-education student can receive up to EUR 850 a month, and a student abroad more. The guarantee is granted together with the study-grant decision, and you apply for the loan at a bank. The bank sets the interest and other terms, so it pays to compare offers from several banks.
Interest and repayment
During studies the loan usually does not have to be repaid. The bank adds interest to the principal on 15 June and 15 December. Repayment normally starts one to two years after the last study-grant payment. If interest or instalments are not paid, Kela pays the bank and recovers the amount from you with 4% interest.
Support worth knowing
Loan compensation can reduce the debt if you complete your degree on time. With the interest subsidy Kela pays the interest for a low-income borrower. The income limits rose on 1 March 2026: for a single person without children the limit is EUR 1,662 a month. Check current terms with Kela.
How much to draw
The loan is debt even if its terms are gentle. Draw only what you need, and note that interest accrues to the principal already during studies. A large debt adds repayment pressure after graduation and also affects later borrowing, such as a mortgage.
Applying step by step
- Apply for study support from Kela. Kela gives the guarantee decision together with the study grant.
- Compare banks’ student loan offers: the bank sets the interest and terms.
- Apply to the bank you choose and draw the loan in the agreed instalments.
- Follow the loan and the possibilities for interest subsidy or compensation as your studies end.
Planning repayment
Work out beforehand what the monthly payment will be after graduation at different terms. A longer term lowers the payment but raises interest costs. A large student debt can affect later borrowing, so draw only the amount you need.
State guarantee for the student loan
A student loan is drawn from a bank, and Kela grants the state guarantee for a student loan to a student who receives student financial aid. The state guarantee means the bank gets the lent money back from the state if the borrower does not pay. The student’s duty to repay does not disappear. The terms of the aid and the guarantee and their validity should be checked on the Kela site, because they change with legislation.
Choosing a bank
A student loan can be drawn from different banks, and terms such as margin and reference rate vary. Because the loan is Euribor-linked, the payment can change with the rate. Compare banks’ margins and fees in the table.
Repayment and the future
Repayment of a student loan usually begins after graduation or the end of student aid, and the term can be long. A long term lowers the payment but raises interest costs. Work out the payment in the calculator with different terms and prepare for rates to rise. If repayment becomes heavy, contact the bank early and, if needed, debt counselling.
Student loan and other financing options
A student loan is usually a cheaper way to finance studies than a consumer loan or a credit card, because the state guarantee reduces the bank’s risk. If you need money for something other than study costs, compare a consumer loan. Also see the terms offered by banks.
Lenders in brief: student loan
Student loan is a state-guaranteed loan to finance studies. Below, every lender we track has its own short profile. For each you see the published price, any margin, the amount and term, and a link to the lender’s profile. Order: by published rate from lowest to highest, unpriced last; data as of 07/10/2026.
Ålandsbanken – student loan
Bank: price negotiable / not published. Appears in the Finanssivalvonta register of supervised entities. Read more: Ålandsbanken.
OP – student loan
Bank: price negotiable / not published. Appears in the Finanssivalvonta register of supervised entities. Read more: OP.
POP Pankki – student loan
Bank: price negotiable / not published. Appears in the Finanssivalvonta register of supervised entities. Read more: POP Pankki.
S-Pankki – student loan
Bank: price negotiable / not published. Appears in the Finanssivalvonta register of supervised entities. Read more: S-Pankki.
Säästöpankki – student loan
Bank: price negotiable / not published. Appears in the Finanssivalvonta register of supervised entities. Read more: Säästöpankki.
Aktia – student loan
Bank: price negotiable / not published. Appears in the Finanssivalvonta register of supervised entities. Read more: Aktia.
Banks and other lenders: how the difference shows
Banks and non-bank lenders price student loan differently, so we separate them. The table shows the range of published rates for each group.
| Group | Products | Lowest | Median | Highest |
|---|---|---|---|---|
| Banks | 6 | – | – | – |
| Finance companies and others | 0 | – | – | – |
In this category only one group publishes prices, so comparing the groups is not possible. More on the groups: banks and finance companies.
How to read the student loan table
The table is made for comparison, but the figures need interpreting. The following three points help you avoid the most common misreadings.
Starting rate and your own rate
The rate in the table is the starting price or low end of a range the lender publishes. Your own rate depends on your credit record, income, debts and the loan amount, and it can be higher than the published starting price. Use the figure as a starting point, not as an offer.
Margin and reference rate
If the table shows a margin and Euribor, the total rate is their sum. Euribor changes, so the monthly payment can change during the term. The margin is the bank’s own share and often stays the same. In a fixed-rate product the rate does not change during the contract period.
Amount and term
Amount and term limits show what need the product was designed for. If the amount you need is outside the limits the product does not fit, even if its rate is lowest. Lengthening the term lowers the payment but raises interest costs; test the options in the calculator.
Requirements for the applicant
For consumer credit the applicant must be of age, and the lender looks at income, expenses and debts. The lender must assess the applicant’s ability to repay before granting credit, and it checks credit information and the positive credit register (in use since 1 April 2024, Finnish Tax Administration).
Income and debts
The lender looks at how much of your monthly income is left after debts and other expenses. The more existing credit you have, the harder it is to get new credit. Do not apply to several places without comparing.
Collateral and guarantors
According to our data the student loan products we track are mostly not secured. Collateral lowers the lender’s risk and usually the rate, but you can lose it if payments are missed. Acting as a guarantor is a serious commitment: the guarantor answers for the debt if the borrower does not pay.
Pros and cons of student loan
Advantages
- You get money when you need it without saving for long.
- The monthly payment can be planned in advance when the rate and term are known.
- A consumer has the right of withdrawal and the right to repay early.
Drawbacks
- Credit costs money: interest and fees raise the total cost.
- On Euribor-linked credit the monthly payment can rise.
- Payment difficulties quickly lead to extra costs and a weaker credit record.
What makes up the price of student loan
The price is not only the rate. In consumer credit the price consists of interest, the opening fee, a monthly account or invoicing fee and possible reminder costs. They are combined into the annual percentage rate (APR). On a small amount over a short term fixed fees raise the total cost more than the rate does. The price of consumer credit is limited by law: the interest rate may be at most the reference rate plus 15 percentage points, the agreed rate at most 20 percent and other costs at most 0.01 percent of the credit amount per day and at most EUR 150 a year (Finnish Competition and Consumer Authority). The total cost in euros says more than the monthly payment.
Common mistakes when comparing student loan
Comparing only the monthly payment
A small payment can mean a long term and large interest costs. Always compare the total cost and the annual percentage rate.
Treating the published rate as your own
The published rate is a starting price. The lender sets the final rate from the applicant’s information, and it can be higher.
Forgetting rate risk
On a Euribor-linked student loan the payment can rise if the reference rate rises. Check whether your finances cope with a two-percentage-point rise; the calculator shows the effect.
When student loan is not the right solution
Student loan does not fit every need. If you need an amount that exceeds the product limits, or the purpose is quite different, compare other categories: consumer loan, quick loan, flexible credit line, debt consolidation loan, car loan or mortgage. If you already have payment difficulties new credit rarely solves the problem; contact debt counselling.
Compare other product categories
- Consumer loan: 23 products, median rate 8.77%.
- Quick loan: 3 products, median rate 17.50%.
- Flexible credit line: 7 products, median rate 14.25%.
- Debt consolidation loan: 7 products, median rate 8.99%.
- Car loan: 7 products, median rate 10.58%.
- Mortgage: 10 products, median rate 3.78%.
- Renovation loan: 2 products, median rate 6.18%.
- Credit card: 4 products, median rate 16.70%.
By group: banks, finance companies and others, business loans and all lenders.
Checklist before applying
- I know the amount and term I need and have calculated the monthly payment.
- I have compared at least three lenders and looked at the annual percentage rate or the total cost.
- The lender is registered or supervised (Finanssivalvonta register).
- I have read the pre-contract information and the agreement in full.
- I can cope with a rate rise if the loan is Euribor-linked.
- I do not pay anything in advance before the money is in my account.
Applying step by step
Before the application
Decide the amount and term, calculate the monthly payment and check how much room you have left. Find out your own credit record and existing debts. Compare three or four lenders in the table and read their pre-contract information.
During the application
You always apply directly with the lender on its own site. Fill in the details truthfully and check the amount, term and costs before confirming. Haeluotto does not process applications and does not see your details.
After the decision
Read the agreement and pre-contract information calmly before signing. A consumer has the right to withdraw from the credit agreement within 14 days and to repay the credit early.
If the application is rejected
A refusal does not mean other lenders will refuse too, but a burst of applications does not help. Ask for the reasons, check your credit record and the positive credit register data, and consider whether a smaller amount or a longer term is realistic. Do not apply everywhere at once. If you already have payment difficulties, contact debt counselling before taking new credit.
Supervision and regulation
A consumer-credit provider must be a bank or a registered lender, and registered lenders appear in the Finanssivalvonta register of supervised entities. Check the lender with Finanssivalvonta and read about price limits on the Finnish Competition and Consumer Authority site. Lenders and groups are also on the lender list.
Payment difficulties and getting help
If the loan starts to feel heavy, contact the lender before a payment is missed. Many lenders offer a repayment holiday or a new payment plan. Debt counselling helps free of charge, and it is important to seek help early: late-payment costs and collection add to the debt quickly.
Recognising scams
Beware of offers that demand an advance payment, a “security fee” or a “processing fee” before the money is in your account. Do not give online-banking credentials by phone or message. Use the lender’s own, known address and check the company in the Finanssivalvonta register. Haeluotto never asks for credentials, payments or credit data.
Your budget before the loan
A good loan starts from a budget, not from an application. Go through the following steps before comparing lenders.
- Calculate your monthly income after tax and subtract fixed expenses: rent or mortgage, bills, insurance and food.
- Add the monthly payments of existing loans and credits.
- Keep a buffer worth at least a month of expenses for unexpected costs.
- What remains is the upper limit of the payment, not a target: choose a payment you can make even when income falls or the rate rises.
- Test the payment in the calculator with different terms and see which amount and term it allows.
How lenders assess risk
In consumer credit the lender assesses your income, expenses, debts and credit record. Risk sets the price: the less certain repayment is, the higher the rate or the stronger the collateral required. That is why the same product can cost different applicants different amounts, and why a published starting price is not a personal offer. The lender’s assessment rests on the information you give in the application and on registers, so do not give wrong information; it can lead to rejection or problems with the contract later.
Rate, margin and APR in brief
- Nominal rate is the annual rate calculated on the loan without other costs.
- Margin is the lender’s own share on top of a reference rate (for example Euribor).
- Annual percentage rate (APR) combines the interest and all credit costs into one annual percentage in consumer credit.
- Representative example is a calculation the lender publishes for a given amount and term; it does not necessarily match the price offered to you.
The differences are explained further on the methodology page, and a glossary is also at the bottom of this page.
Repayment and early repayment
A consumer has the right to repay credit early in whole or in part, and possible costs and their maximum are stated in the agreement and the pre-contract information. If possible, pay a small extra instalment now and then: it shortens the term and reduces interest costs. Before signing, check whether the due date can be moved and what that costs.
Information needed for the application
In consumer credit you usually need a personal identity code, strong authentication, income details, housing costs and existing debts and bank account details. For some products the lender retrieves income data directly from registers with your consent. Prepare the information in advance so the application is not delayed. Check that what you provide is correct: wrong information can lead to rejection.
Questions to ask the lender
- What is the total cost of the loan in euros over the whole term?
- What costs are there besides the opening fee and monthly fees?
- Is the rate fixed or linked to a reference rate, and when is it reviewed?
- Can I repay the loan early, and what does it cost?
- What happens if a payment is late?
- What data does the lender store and to whom does it disclose it?
Write down the answers and compare them side by side across lenders. If an answer is unclear or evasive, take that into account in your choice.
Common misconceptions
“The lowest rate is always the best option”
The lowest rate is not the best if it comes with high side costs, a short price period or terms that do not suit your situation. Compare the total cost and the terms.
“The published rate is what I will pay”
The published rate is a starting price or the low end of a range. Your own price depends on the applicant’s information.
“Comparing means applying”
Comparing is research. The application is made only to the lender, and Haeluotto does not see your application. Applying can affect your credit record, so compare first and apply afterwards.
Follow the market
Prices and terms change. In the market watch you see lenders’ rate changes and regulatory news, and in the market report the price range of the whole market and Euribor development. If you want to follow changes, subscribe to the digest of best offers with the newsletter on the front page.
Summary and next steps
The student loan comparison has 6 products, and no lender publishes a rate. Start by working out the monthly payment you need in the calculator, choose two or three lenders from the table and ask them for their own pre-contract information. Remember that the published price is a starting point, not an offer, and that the final decision is made by the lender.
When to seek advice
If the loan amount is large, you are already in debt or your income is uncertain, it is worth talking to a debt counselling expert before signing. Advice helps assess ability to repay, compare options and understand the terms of the agreement. Haeluotto does not give personal credit or investment advice, but our pages give information you can use to prepare for the conversation.
Where the data comes from
The student loan figures are collected from lenders’ own public pages every night. Unpublished prices are not guessed. The table follows 6 products, of which 0 have a published rate; status 07/10/2026. Rate changes are logged in the market watch, the whole-market picture is in the market report and the calculation methods on the methodology page.
Glossary
- State guarantee
- The guarantee Kela gives a student loan, so that no other security is needed. It is granted together with study support.
- Interest subsidy
- Kela support in which Kela pays the interest on a low-income borrower’s student loan. It requires income below the limit.
- Reference rate
- The rate to which the price of a variable-rate loan is tied, most commonly Euribor. The loan rate is the reference rate plus the margin.
- Annual percentage rate of charge (APR)
- The total cost of credit expressed as a yearly percentage. It includes interest, the opening fee and monthly fees, so it can be used to compare two loans.
Frequently asked questions
Who grants the student loan?
The bank grants the loan. Kela’s role is to give the state guarantee and, where applicable, pay the interest subsidy.
Does repayment start straight away?
During the study-grant period interest is usually added to the principal, and repayment normally starts one to two years after the last grant payment.
Can I get a student loan without a Kela guarantee?
A state-guaranteed student loan requires a Kela guarantee decision. Without a guarantee a bank would grant an ordinary consumer loan, which has different terms.
Can I apply for student loan through Haeluotto?
No. Haeluotto is a comparison service that does not process applications or make credit decisions. You always apply directly with the lender on its own site.
How often are student loan prices updated?
Prices are fetched from lenders’ own pages every night. When a rate change is detected it is logged in the market watch. Latest update: 07/10/2026.
Why do not all student loan products have a rate?
Many lenders set the rate only at the credit decision. We then show “negotiable / not published” and do not guess a figure.