Carefree student life with a student loan
As an OP cooperative bank owner-customer, you get a student loan with no origination fee if you apply for the loan on the service. You will earn OP bonuses on your loan and can make use of other owner-customer benefits too.
Many people say it’s stupid not to draw down a student loan because it’s so cheap. You’ll get a lot of benefit from the loan if you spend it wisely.
Focus on what’s most important
A student loan makes it easier to focus on your studies and complete faster the degree or qualifications that you’re pursuingpared to other loans, a student loan is an inexpensive loan with repayment starting usually after the completion of studies. Also, the loan interest will become payable later, as during the period of student financial aid, interests are added to the loan principal, or capitalised.
Use the student loan in any way you want, say, for rent or hobbies. For a student, the most inexpensive and easiest way to draw down the student loan into an account is to choose automatic drawdowns based on the student financial aid decision.
Student loan compensation
You will be entitled to a student loan compensation when you graduate if your university studies started after . The student loan compensation accounts for 40 % of the loan amount exceeding 2,500. This compensation is used to amortise the loan principal on a one-time basis. You will be entitled to a student loan tax deduction if your studies started between .
How to apply for a student loan
Once Kela has granted you a student loan guarantee for the next academic year, you can apply for an increase of your current loan instalment. Fill in a student loan application if you don’t have a student loan yet.
Automatic government guarantee
When Kela makes its decision on granting student financial aid, it automatically gives a guarantee decision to all university students who are study grant beneficiaries. The government guarantee is free of charge and the only collateral that you need for your loan.
Apply for a student loan online (in Finnish)
Log into the service using your online service user ID and send your student loan application. Once you’ve received the loan decision on the service, you can draw down the student loan according to Kela’s student financial aid decision.
Use the student loan in any way you want
When granting and supervising a loan, the bank uses the personal credit information of the loan applicant, obtained from the credit data files of Suomen Asiakastieto Oy.
Drawing down student loan during the academic year
In your student loan application, you choose whether you want the bank to make automatic loan drawdowns to your account according to the student financial aid decision or whether you will do it yourself by making loan drawdown requests. If you select automatic drawdown, the subsequent drawdowns will be free of charge. If you select separate drawdowns, your bank will deduct a charge from subsequent drawdowns based on its list of charges and fees.
If you already have a student loan, you can check on OP-mobile of the service, under loan details, which drawdown method you have chosen.
How to make a drawdown request on your student loan
Please note that you can only draw down student loan that has been granted to you. If you don’t have a student loan yet, complete a student loan application first.
- Check the schedule for student loan drawdowns during the academic year in your student financial aid decision.
- Log into the service and make a drawdown request. Separate drawdowns are subject to a charge, so please take a look at your bank’s list of charges and fees.
Check the schedule for student loan drawdowns during the academic year in Kela’s student financial aid decision. The dates may change, but usually student loans can be drawn down in two instalments during the academic year:
- in the autumn term, at the earliest on 1 August
- in the spring term, at the earliest on 1 January
If you have chosen automatic loan drawdowns, the loan instalment will be available on your account on the abovementioned payment dates. If you have chosen separate drawdowns, we will process drawdown requests in the order of arrival. Please note that the loan instalments for an academic year must be drawn down no later than 31 July.
Are you an existing student? You need to apply for a student loan from your bank each academic year. Note! If you are continuing your studies and have already drawn down student loan, you should apply for extra to the loan. For more information, read the section Continuing your studies? Apply for extra on this page.
To apply for a student loan, you need Kela’s valid student loan guarantee. University students receive this guarantee decision automatically together with their student grant decision. If you are in secondary education, apply for a loan guarantee from KELA using a separate form when applying for a study grant and housing supplement. We recommend applying for the loan guarantee for the entire period of studies in one go.
OP’s customers: The most convenient way to apply for a student loan is by logging into . When you file the application online, you will automatically receive the loan decision via this service.
If you are a minor, you can apply for a student loan at an OP cooperative bank branch with the consent from your parents/guardians.
After your application has been approved, the student loan will be available for drawdown in most cases on the next business day already. If you have chosen automatic drawdown according to the student financial aid decision, the money will be available on your account on the first possible payment date.
Note! If the first drawdown date falls on a weekend or bank holiday, the loan can be transferred to your account in practice on the next day banks are open, i.e. on the next banking day.
New loans are subject to an origination fee, which is deducted from the first drawdown amount. Owner-customers get the loan with no origination fee by filing the application online.