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Student loan

Apply for a student loan online

Piilotettu otsikko

  • Carefree student life with a student loan

    Student loan repayment begins only in two years’ time after your studies are completed.

  • OP’s owner-customer benefits

    As an owner-customer, you can get a student loan with no service charge, provided you filed your loan application at op.fi. In addition, you will receive a discount on banking services and OP bonuses.

  • Apply for a loan online without handling costs

    You can conveniently apply online (in Finnish) and save on the loan handling costs.

Apply for student loan

OP's customers (in Finnish)

Apply for student loan

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.

Anna Turunen Student

Focus on what’s most important

While studying, you do not need to work to get along financially. Our student loan enables you to focus on studies and on living your life outside of school and to take the fast track to graduation.

We can offer you a student loan at low cost and you will not have to make any repayment until you graduate. Use your student loan as you like – for example, for rent, clothes, study supplies or travelling.

Student loan compensation

If you started your studies after 2014, you may gain up to thousands of euros from the student loan compensation by graduating on time. The student loan compensation accounts for 40% of the loan amount exceeding 2,500 euros.

How to apply for a student loan

  1. Automatic government guarantee

    The government guarantee for your student loan is the only collateral that you need when applying for the loan. When KELA makes its decision on granting student financial aid, it automatically gives a guarantee decision to all those university students who it confirms as study grant beneficiaries.

  2. Apply online (in Finnish)

    You can apply for a student loan and draw it down into your account conveniently online by logging into op.fi with your online user identifiers. In such a case, you will automatically receive a student loan decision electronically and be able to draw down the loan via OP eServices.

    Applying for a student loan is possible even if you are not yet OP’s customer. In this case, file the application without logging in. We will then call you within 1–3 business days. In the case of approval, please go the agreed OP cooperative bank branch to finalise your student loan application.

  3. Repayment 2 years after graduation

    Student loan repayment begins in two years’ time after the expiry of the student financial aid. You do not even have to pay interest on your loan during your studies.

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.

Are you a new student? Read our instructions for student loan applications.

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.

1. Remember to get a loan guarantee first from Kela

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.

When the loan guarantee decision has been made, your bank gets this information directly from Kela.

2. Apply for a student loan online

  • OP’s customers: The most convenient way to apply for a student loan is by logging into op.fi. When you file the application online, you will automatically receive the loan decision via this service.
  • Other customers: You can apply for a loan on op.fi even if you are not OP’s customer. File the application without logging in and we’ll call you within 1–3 banking days. If the application is approved, we ask you to go to the agreed OP cooperative bank branch to finalise your student loan application.

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.

3. Loan is available for drawdown on the next banking day

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.

Expenses

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.

 

Have you already drawn down student loan and are your studies continuing? You can apply for extra to your student loan after you have been granted a loan guarantee for the next academic year. This way the number of your loans or your loan servicing costs will not increase.

If your existing student loan has no amounts available for drawdown and you cannot apply for any extra to your student loan for the current degree, apply for a new student loan. For more information, read the section “Applying for a new student loan” on this page.

1. Apply for extra to your loan

  • Check in Kela’s online service that you have been granted a loan guarantee for the next academic year.
  • Log into op.fi and select Lainat (Loans) > Hae lainaa (Apply for loan) > Opintolaina (Student loan) > Hae opintolainaa (Apply for student loan) > Hae opintolainaasi lisäystä (Apply for extra to your student loan)

2. Loan is available for drawdown on the next banking day

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.

Expenses

Extras to existing loans are subject to a service charge. Owner-customers get the extra to their student loan with no service charge by filing the loan application online.

You can 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

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.

Loan drawdown method

In the loan application, we ask you to select the drawdown method, which refers to the way the loan is transferred to your account. You have two options:

  • automatic drawdown according to the student financial aid decision, which means that your bank will always transfer the money to your account on the next payment date
  • separate drawdowns, which means that you can draw down the loan by making a drawdown request on op.fi.

How to make a separate drawdown request:

  • Log into op.fi and select Lainat (Loans) > Nosta opintolainaa (Draw down student loan)

Expenses

If you select automatic drawdown, subsequent drawdowns are free of charge. If you select separate drawdowns, your bank will deduct a charge based on its list of service charges and fees from subsequent drawdowns.

The student loan interest rate is tied to the market interest rate plus the bank’s markup. The interest rate is either the 12-month Euribor or OP-Prime, depending on your choice.

Student loan costs consist of the reference interest rate, the bank's markup and loan charges. The bank’s markup is added to the reference rate. The effective annual interest rate includes the full costs of the loan converted to the annual interest rate.

The maximum amount of your student loan is the same as the loan guarantee granted to you. You’ll find this information in Kela’s loan guarantee decision.

According to Kela, the maximum amount for, say, students in higher education is €650 per month and €800 if they study abroad.

Cancellation of your study grant can affect the guarantee

Note that if you cancel your study grant in advance for certain months, the amount of loan guarantee may decrease for the period in question. This is the case if your loan has upcoming amounts which you have not drawn down. Cancelling some of your study grant may therefore result in a situation where you are not entitled to draw down all the amounts based on the original student financial aid decision.

Student loan repayment usually begins two years after graduation.

If you graduate within the stipulated time, you can get either a student loan compensation or tax deduction.

  • You will be entitled to a student loan compensation when you graduate if your university studies started after 1 August 2014. 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 1 August 2005 and 31 July 2014.

As an owner-customer, you get benefits relating to your student loan and other transactions with OP, such as

  • You’ll get the student loan with no origination fee if you file your loan application on op.fi.
  • The student loan brings value-for-money OP bonuses to owner-customers. These are used for paying charges and fees that would otherwise be debited from your account.
  • You get OP eServices, a current account and OP-Visa for €2.95 per month (normal price €5.65/month). If you are under 26 years old, you get our daily banking services and OP-Visa Debit or OP-Visa Electron for free.

Did you know that university students can get OP-Visa with a €2,000 credit facility without ECTS requirements?

Repayment holiday and change of monthly repayment

  • You can apply for a repayment holiday for your student loan. During the repayment holiday, you only pay interest on your student loan.
  • You can also apply for a change to the monthly repayment and due date.
  • The changes are subject to a charge in accordance with OP’s list of service charges and fees. If you are an owner-customer, OP bonuses can be used for paying these charges.

Extra repayment

You can make an extra student loan repayment in addition to the normal monthly repayment free of charge. This extra repayment does not defer the next monthly repayment or the payment date.

Note! Extra repayments can affect your student loan compensation or tax deduction as they lower the loan principal which serves as the basis for the compensation or tax deduction. Before making any extra repayments, check whether you are entitled to either one of these benefits.

You make the extra loan repayment yourself on op.fi or on OP-mobile. On op.fi, do the following:

  1. Log in with your user ID, go to the "Loans" section and check the number of the loan to which you wish to make a payment.
  2. Go to "New payment" under the Daily banking services section and enter your loan's number in the "Payee's account or IBAN" field. Then proceed as instructed.
  3. The amount of your extra repayment is debited to your account on the same day.
The loan is granted by the OP cooperative bank.