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Adult education - tips for adult students

Starting studies as an adult student? Besides studies, an adult student's life often involves a job, family and perhaps a home loan. We drew up a list of helpful tips for adult students.

Adult education - studying full time or while working?

Many adult students begin adult education while already leading a busy life involving, for instance, a family or a job. If this is your case too, you should carefully consider your options: are you going to study full time, reduce your working week or maybe hoping to take a job alternation leave? The nature of the studies you are about to begin may also dictate the type of studies that suits you the best. Whether you select one of the above options or another one, see the following tips for planning your finances during your studies.

Financial assistance for adult students

The Education Fund grants adult education allowance to adult students taking part in education in their own initiative and who are either in private or public employment or work as self-employed persons. Receiving adult education allowance requires that

  • you have a working history of at least 8 years as an employee or self-employed person
  • your current job or full-time self-employment has lasted at last one year
  • you are on a study leave from your job
  • you do not receive any other form of financial assistance for education.

Student loan for an adult student

After you have been granted adult education allowance for an uninterrupted period of at least 8 weeks, you can apply for government guarantee from KELA for a student loan. The monthly amount of loan guarantee granted to an adult student studying in Finland is 400 euros. If you complete some of your studies abroad, the guarantee amount is then 700 euros per month. Your own income or assets do not affect receiving this loan guarantee.

Job alternation compensation

If you are a full-time employee, you can agree with your employer on a job alternation leave for an uninterrupted period of 100 to 180 calendar days. You may receive job alternation compensation during your job alternation leave if:

  • You have a working history of at least 20 years before the start of the job alternation leave.
  • You have been employed by your current employer for an uninterrupted period of at least 13 months during which you have not had an unpaid absence of over 30 days
  • You still have at least three years to reach your old-age retirement age.

Planning to start studies as an adult?

Planning to go on further education or dreaming about a new profession? If you are thinking about starting studies in the future, you can already begin preparing for the changes that studying will bring in your life.

For an adult, especially full-time studies often mean that your monthly income will fall. If you are dreaming about studying for the profession of your dreams, you can try to prepare for financial changes well in advance. Saving is a good option if you want to continue your current way of living also during your studies. You can start saving easily with small amounts and according to your own plan. While using a savings account is a good alternative, you can also consider investing in mutual funds. OP's fund investment solutions also include suitable funds for those who want to save money for a larger purchase. When investing in a fund, your money will not be tied for a long period but, rather, you can sell your fund units in e.g. our Saver's funds anytime you want and have your money available when you need it.

Unexpected problems

Even if you prepare for living on a smaller budget during your studies, a sudden expense may cause a great dent in your finances. If your bills keep piling up, you should immediately contact your creditors. You should also contact your bank - we can agree on modifying your existing loans or possibly on a one-month repayment holiday. A repayment holiday means a period during which only interest is paid on the loan. It enables you to balance your personal finances in a flexible way during your studies.