Organization : Ministry of Education & Culture
Type of Facility : Student Financial Aid
Country: Finland
Website : https://minedu.fi/etusivu
Student Financial Aid :
Financial aid is provided in the form of the following benefits:
** study grant
** housing supplement
** government guarantee for student loans.
Related : University of Helsinki New Students Enrollment Finland : www.statusin.org/8294.html
Student financial aid is granted for full-time studies aiming at:
** an upper secondary school certificate,
** a vocational qualification,
** a polytechnic or university degree, and
** for additional studies qualifying for a profession or a post.
Aid is also granted for studies abroad if these are equivalent to studies entitling to aid in Finland.
Study grant, housing supplement and government guarantee for student loan:
Student financial aid is granted for a predetermined period, depending on the level of education. The amount of aid depends on the student’s age, the form of housing, the level of education and means-testing. In higher education, the means-testing usually concerns the student’s own income, at other levels the parents’ income also influences the amount of aid.
The aid is granted by the Social Insurance Institution (KELA) in cooperation with the education institution concerned.
Study grant is available as soon as you are no longer eligible for child benefit. Its amount depends on your age, housing circumstances, marital status, school and income.
Housing supplement can be paid to students living in rented or right-of-occupancy accommodation. No age limits apply. Students who do not qualify for the housing supplement can apply for a general housing allowance.
With the government guarantee for study loan student can apply for a bank loan. No other security is needed for these loans. The loan is repayable but guaranteed by the Government. The maximum amount of state-guaranteed loan is determined annually. The student loan is granted by a bank at its discretion. The interest and other terms are agreed by the bank and the student. The payback time is usually twice the duration of studies.
Tax concession for loan:
A tax concession on a student loan will be granted to students beginning their studies in the academic year 2005–2006 and later. The condition for the tax relief is that the student graduates in the normative time and has taken a given amount of loan. Interest assistance is available to all those who have low income and who have not anymore received financial aid for a specified period.
The other benefits for students:
** Interest assistance, which is available to those who have a low income.
** Assistance for school travel, which is available for full-time student of an upper secondary school or basic vocational education.
** Meal subsidy , which is paid to student cafés and higher education students can buy meals for a subsidised price. In upper secondary schools, in initial vocational education and in some folk high schools students get free meals.
Ministry of Education and Culture:
P.O. Box 29
FI – 00023 Government
Finland
Tel: +358 2953 30004