Nuori nainen katsoo puhelinta kuulokkeet korvilla.

Student loan calculator – Calculate your student loan

What should you understand about calculating your student loan, and how does the student loan calculator work? Read on to learn how the costs of student loan are formed.

What is the student loan calculator?

The student loan calculator is a handy tool when planning taking out a student loan. It allows you to test how the length of your studies, loan repayment period and interest affect the cost of your student loan.

Try to fill in your information as accurately as possible in order to get the most out of the student loan calculator. Keep in mind that the student loan calculator result is only an estimate – your interest rate and other loan terms will be decided in detail as based on your loan application. Be sure to also note that your calculated amount of student loan compensation is only an estimate. Your final amount of loan compensation will be determined by Kela.

Student loan interest

The student loan interest rate is tied to the market rate plus the bank’s markup. The total interest rate of your student loan will be made of the reference rate (you select it in the application and we will use the rate valid on the drawdown date) and the markup (margin) charged by the bank. In your application, you can choose either Euribor 12 months or OP Prime as the reference interest rate.

The default interest rate used in the student loan calculator consists of the OP Prime reference interest rate plus a markup of 0.50 per cent. Euribor cannot be selected as the reference interest rate for the calculator.

Amount of student loan

You can use the student loan calculator to see what your loan costs would be with various loan amounts. When applying for a student loan, your actual loan amount depends on the amount of state guarantee issued by Kela. Your amount of student loan may be at most the amount guaranteed by Kela.

Check the following information for the student loan calculator

In the student loan calculator, you need to give information about

  • the length of your studies, and
  • • your educational institution

The student loan calculator does not take into account your possible benefits as an OP cooperative bank owner-customer. Be sure to also check them out, as owner-customers are entitled to many valuable benefits. For example, you can apply for a student loan online without handling costs. You also get access to many benefits offered by us and our partners.

Applying for a student loan online

The easiest way to apply for a student loan is online using your OP credentials. By applying online, you will automatically receive the loan decision electronically. You can apply for a loan also without OP credentials. Before applying, make sure that you have first obtained a loan guarantee from Kela. You do not need to provide information about the guarantee separately, as OP will receive it directly from Kela.


To make a drawdown request, log into and go to the following page from the left hand menu: Loans > Other financing options > Student loan > Apply for student loan

If you are between 18 and 26 years old, you get our daily banking services for free with an OP-Visa or OP-Visa Debit card.

The loan is granted by the OP cooperative bank.