Student Financial Aid In Finland
   HOME

TheInfoList



Click Here for Items Related To - Student Financial Aid In Finland
OR:
Student Financial Aid In Finland on:   [Wikipedia]   [Google]   [Amazon]

Student financial aid in Finland consists of government payments (through Kela) that provide economic security to students and enable all students to study. Almost all Finnish students receive financial aid, including foreigners who are permanent residents or EU citizens. It is available in the form of: * a study grant * a government-backed student loan * a housing supplement (starting 1 August 2017, available only to those who are studying abroad or enrolled in a tuition-based programme at a folk high school or sports institute and living in the school dormitory). **students are eligible for general housing benefits The qualifying conditions for student financial aid are: * admission to a school * full-time study * academic progress * need of financial assistance. They are a kind of
transfer payment In macroeconomics and finance, a transfer payment (also called a government transfer or simply transfer) is a redistribution of income and wealth by means of the government making a payment, without goods or services being received in return. Th ...
. Similar systems, some of which are older, exist in some other countries where education is free of charge, e.g.
Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...
and
Sweden Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEGN World Geographical Names, Sweden./ref> is a Nordic country located on ...
. Student benefit is paid by the state to all qualifying students, excluding only those with full-time employment and income, and is thus distinct from an individually evaluated
scholarship A scholarship is a form of financial aid awarded to students for further education. Generally, scholarships are awarded based on a set of criteria such as academic merit, diversity and inclusion, athletic skill, and financial need. Scholarsh ...
. In addition, Finnish students enjoy several kinds of student benefits such as: * Partially state-funded meals at student cafeterias.


Details

Secondary and tertiary education is free of charge in Finland. Monetary support is paid by the government agency KELA. Most student financial aid is paid to students in tertiary education, but smaller amounts are available also on the secondary level. Student benefits are independent of parents' income in tertiary education for students over the age of 20 who live alone. In tertiary education, students in bachelor's and master's programmes qualify for financial aid. Only those months spent actively studying are supported; i.e. in summer, benefits cease unless a special summer studying plan is submitted and followed. For students in tertiary education, the figures are as follows. Direct monetary support for students over the age of 20 who live alone is
€ The euro sign () is the currency sign used for the euro, the official currency of the eurozone and unilaterally adopted by Kosovo and Montenegro. The design was presented to the public by the European Commission on 12 December 1996. It consists o ...
303.19 per month for those who have started their studies before autumn 2014 and €336.76 for people starting their education in autumn 2014 or later. Rent support is 80% of rent or maximum €201.60. The state or the universities generally do not provide student accommodation. Dormitories are usually run by foundations and student unions, and cannot accommodate all students. The state secures student loans (from private banks) for up to €400 per month. Student meals are supported by €1.94 per meal and available for example on (privately operated) student cafeterias on campus, thus the effective price is about €2-3. Persistent failure to progress in studies ultimately leads to the termination of student benefits. Likewise, when evaluated on a yearly basis, income of over €660 per month on supported months and over €1,970 per month on unsupported months reduces the student benefit. Typically, nine months are supported and three summer months are not, which gives a maximum annual income of €11,850. The benefits were raised in 2008 and 2014: in 2008 the direct support was increased by 15% and the income limits were raised by 30%; in August 2014 the direct support was raised by approx. 1.3% for those already studying and 11% larger for those starting their studies in 2014 accompanied by a 5-month decrease in the period of financial aid and a €100 increase in the student loan security. Despite this, students often find the benefit insufficient, thus working while studying or spending the entire summer at summer jobs is popular. Student loans are less popular than elsewhere. In year 2019 each Finnish student had approximately 8,200 euros in student debt. Student benefits are available to Finnish citizens. They are not available for students entering the country for the sole purpose of studying.


See also

*
College tuition in the United States College tuition in the United States is the cost of higher education collected by educational institutions in the United States, and paid by individuals. It does not include the tuition covered through general taxes or from other government funds ...
*
EdFund EdFund is the United States' second largest provider of student loan guarantee services under the Federal Family Education Loan Program (FFELP). It is organized as a non-profit public-benefit corporation. EdFund offers students and their families ...
*
Post-secondary education Tertiary education, also referred to as third-level, third-stage or post-secondary education, is the educational level following the completion of secondary education. The World Bank, for example, defines tertiary education as including univers ...
*
Private university Private universities and private colleges are institutions of higher education, not operated, owned, or institutionally funded by governments. They may (and often do) receive from governments tax breaks, public student loans, and grant (money ...
*
Student debt Student debt is a form of debt that is owed by an attending, formerly withdrawn, or graduated student to a lending institution, or to a financial institution. The amount that is loaned, often referred to as a ''student loan'' or the debts may be ...
*
Student loan A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest r ...
*
Student loans in Germany The Government of Germany provides financial aid to students in the form of loans and grants regardless of their social and economic situation. This aid is provided under the Bundesausbildungsförderungsgesetz (Federal Training Assistance Act) ...
*
Student loans in the United States Student loans in the United States are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses. With notable exception ...
*
Tuition fees Tuition payments, usually known as tuition in American English and as tuition fees in English in the Commonwealth of Nations, Commonwealth English, are fees charged by education institutions for instruction or other services. Besides public spen ...


References

{{reflist Education economics Student financial aid Education policy Social security in Finland Welfare economics