Getting a bank loan to study

[siberus09]

Hi,

I'm curious if it's possible to get a loan from a Finnish Bank to help finance my studies there and how difficult it may be in acquiring one. Seems like you can't get any financial assistance if you aren't a permanent resident of Finland. What are the qualifications for the permanent residency? I wish I came from a third world country, it'd be so much easier. Apparently there are only very fortunate people in the US, I should be rich enough to finance this myself ...

Thanks for any help!

[onkko]

In short no.
Longer aswer is that there is student loan what covers some expences during higher education (300e/month) and is backed up by goverment but i think you have to be citizen for that.

[Rip]

but i think you have to be citizen for that.

Or have permanent or at least continuous permit on some other grounds than studying. For the original poster: no, you will not get bank loan from here. As for the possibilities to get a residence permit, please consult http://www.migri.fi/

[EP]

Ages ago I studied in a French university. I had a bank loan from a Finnish bank. Try a bank from your country, more realistic.

[EP]

I just add that to get that loan I needed two people to guarantee it, meaning that if I didn´t pay, they would have to step in. I remember my cousin (20 years older than me) was another one, I don´t remember who the other one was. My parents didn´t qualify, they were bankcrupt.

[sammy]

EP,

AFAIK the study loan that Finnish students nowadays can apply for is guaranteed by the state... and it can be applied to degree studies abroad as well (in most cases). I don't know if the system was as you described long ago, but IIRC when I applied for a study loan (in late 80's) the state guarantee alone was enough. The loan details may be slightly different from one bank to another I guess.

In any case, this study loan option (and the KELA study grant) are only applicable to non-citizens under certain conditions (in practice: only if you're already a permanent resident i.e. staying in the country for some other reason than studying)...

The rule of thumb is: if you're coming to Finland to do your Bachelor's or Master's, you usually need to finance your stay in some other way than trying to apply for funding from Finland.

[EP]

I know, it was ages ago. There was a state guarantee for loans if one was studying in a Finnish university, but not for studying abroad. And no student money either.

But it is definitely clear that OP has zero chance to get a loan from a Finnish bank.

[Vesper]

after the huge credit crunch, I think even international loans are going to be harder to obtain. My mom refuses to sign any of my loans, which if not all loans require a cosigner these days. I cannot even get the US governemnt to give me any loans, because Finnish schools are not approved my the US dept of education.

Any loan from another country pretty much requires a native citizen to be the cosigner... they don't want forgeiners to run off with the money and never see it again. Try your country for aid or loans. You might be able to find a scholarship somewheres on the web. Usually, they are more geared up for minorities.

[forest_girl]

Hey, I am kind of in a similar trouble, but what do you think of the possibilities to get such a student-bank loan for me, if I am a permanent resident in Finland and already lived and worked for 1year and 8 months? I have also got KELA card recently.

Or is there even possibility thinking about KELA's grants?

But bank loan option is more realistic for me.

[sammy]

Hey, I am kind of in a similar trouble, but what do you think of the possibilities to get such a student-bank loan for me, if I am a permanent resident in Finland and already lived and worked for 1year and 8 months? I have also got KELA card recently.

Or is there even possibility thinking about KELA's grants?

But bank loan option is more realistic for me.

It's difficult to say, you really would need to check this personally from KELA. The main criteria are explained here, however it does not say much at all about the loan option. It could well be that it's part and parcel of the term "student financial aid" also for foreign students, but I'm not sure...

In any case, ultimately it's the bank who decides whether you'll get a study loan or not (this just to remid you that even if KELA shows you a green light, the bank is not obliged to provide you with a student loan if e.g. you have had problems with managing your finances)

It would be good to know the answer to this, so if anyone has had experience (or if you decide to find out) please share it

[Vesper]

umm, I think there is a way for someone who stayed in Finland for 2 years under other reasons than study to get government aid. I don't know too much, think I read it on one of the university site, or someone told me but I would go down to the university finicial aid office to find out more.

[dampa]

If you are not here for the main purpose of study, you can get the KELA aid whether you are only in Finland for 1 day or 1 week. As long as you have a A or P and not B, you are good to go. Bank loan is another story because the banks decide that based on your application, what you have and what they have

[onkko]

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[interleukin]

want to get a bank loan too to study. I wish it will be approved. What is the fastest way to get approved?

Stealing other peoples' threads and posting clearly without reading any of the replies in the thread, that's a good start! Just keep doing like this and the loan will magically come to you and yo don't have to do so much. I am sure the people at the banks read this forum and will see your post. "Hey, I don't know that guy or where he's from, but his font sure looks nice! I think I will give him a huge loan!"

[Vesper]

I remember my ex said that he took out a bank loan to study in Finland, but those loans are not like student loans where you pay after you graduate. He had to start paying back the loan a year later before he graduated.