Finland 2015/16 - grants and loans

Student grants

Study grants (SG), for which a certain number of credits are required, are universal for the regular length of study. Amounts range from EUR 55.96 to 336.76/month and depend on age and whether the student lives with parent(s) as well as on the date of starting the studies.

A housing supplement (HS) covers 80 % of the rent for students living independently. The maximum amount is EUR 201.60/month. HS is an integrated part of the State’s student financial aid programme, and aims to better match support to real need (i.e. less support for those students who have lower housing costs). From the student perspective, the distinction between study grant and housing supplement is therefore largely theoretical.

SG and HS are available for nine months only if the student's income is below EUR 11 850/year. This is not an absolute maximum but refers to a typical situation. For each month that the study grant or housing supplement is received, the exemption amount is on average EUR 660, and for each aid-free month EUR 1 970. Assuming that a
student receives aid for 9 months, (s)he would be allowed to earn up to EUR 11 850 a year in other income. The income may be earned at any time during the calendar year.

SG and HS can be taken for 12 months a year, but typically they are taken for 9 months. Hence, a common amount is EUR 8445.24 (of which EUR 3 600 is a student loan, which is used only by 40 % of students in higher education). The maximum is EUR 11 260.32.

Loans

Student loans of EUR 400/month are government guaranteed. Higher education students who graduate within the target time can be entitled to student loan tax deduction (for studies that started prior to 1.8.2014) or compensation (for studies that started on 1.8.2014 or after).