If you pay extra or cancel your fixed rate agreement, we will calculate whether or not Lånekassen will profit or lose interest income as a result and deduct the amount from/add the amount to your loan.
What are interest losses/gains?
Interest losses or gains are also called discounts/premiums and are a calculation of whether or not Lånekassen earns or loses money in respect of interest income when you pay off your debt more quickly or cancel your fixed rate agreement.
When you enter into a fixed rate agreement, you undertake to comply with a fixed repayment plan for the entire period during which you have a fixed interest rate. If you choose to pay off your loan more quickly or cancel your fixed rate agreement, we will adjust your debt so that you neither profit from nor lose money.
How do we calculate interest losses or gains?
The interest rate on your fixed rate agreement is compared to the interest rate on new agreements which run for as long as the remainder of the fixed interest rate period of your agreement. If the remainder of your fixed interest rate period differs from the fixed interest rate period for new agreements (3, 5 and 10 years), we use the interest rate that is most comparable. For instance, if you have four years left on your fixed interest rate agreement, we will apply an interest rate that is the average of a new 3-year agreement and a new 5-year agreement.
If your fixed rate agreement has a higher interest rate than any new agreements, Lånekassen will lose interest income if you pay more quickly or discontinue your agreement. The amount lost by Lånekassen will be added to your debt.
If your fixed rate agreement has a lower interest rate than any new agreements, Lånekassen will gain interest income if you pay more quickly or cancel your agreement. The corresponding amount will then be deleted from your debt.
When does Lånekassen calculate interest losses and gains?
We calculate interest losses/gains when you do not follow your fixed repayment schedule by paying extra or by cancelling your fixed rate agreement.
Extra payments are when you
- pay more than the amount shown on your bill
- paying off your loan without receiving a bill
- redeem your loan (pay off your entire debt at once)
Your fixed rate agreement will be cancelled if you
- terminate the agreement yourself, by applying for such on Your Pages
- receive support from us for new studies
- default on your loan and your debt is transferred to the Norwegian National Collection Agency (SI)