Finland 2016/17 - grants and loans

Student grants

Only full-time students are eligible for student support. The maximum annual aid is EUR 11 260.32. A common amount is EUR 8445.24 (of which EUR 3 600 is a student loan).

Study grants (SG), which require the completion of an average 60 credits per year, are universal for a maximum of 64 months. Amounts depend on age and whether the student lives with parent(s). Typically, for students over 18 years living on their own the maximum is EUR 336.79. For students under 20 years living with their parents, the typical range is between EUR 62-163.80 per month.

A housing supplement (HS) covers 80 % of the rent for students living independently, with a maximum of EUR 201.60/month. HS aims to match support to need (i.e. less support to students with lower housing costs). SG and HS are typically available for nine months only if the student's income, which may be earned at any time during the calendar year, is below EUR 11 850/year.

Loans

Student loans of EUR 400/month are government guaranteed. Students who graduate within the target time can be entitled to tax deduction (30 %, for studies that started prior to 1 August 2014) or compensation (40 %, for studies that started on 1 August 2014 or after). Repayment of student loan usually starts 1.5-2 years after graduation and has to be completed in usually double study time. Interest rates and conditions are agreed with the student and the bank.