The following are characteristics of student loans:
- part of a loan can be converted to a grant
- interest-free while you are studying fulltime
- includes debt insurance which covers you in the event of disability or death
- include several associated social welfare schemes
What are student loans?
This is the difference between grants and loans
Most students pursuing further education only receive grants. Grants are funds you are not required to repay. For higher education, such as universities, colleges or vocational colleges, a combination and loans and grants is common. Loans are money that you have to repay with interest at a later date.
Part of a student loan can be converted into a grant
Up to 40% of loans received for higher education loans can be converted into grants. In order to be able to convert a loan into a grant, you must not be living with your parents, you must qualify successfully and your income/wealth must be below a given threshold.
You can apply for a reduced loan
You can choose to apply for just that part of a loan that can subsequently be converted into a grant. If you subsequently meet the conversion conditions, your entire debt will be deleted.
Schemes for different life circumstances
When applying for student loans, Lånekassen undertakes an assessment to see if you are entitled to other grants or loans. For example, this might apply if you have to pay tuition fees, have children, are over 30 years old or have impaired functional abilities. If you become ill or have children while you are studying, we also have schemes for such contingencies.
Your loan is interest-free while you are studying
Provided that you receive a loan and/or grant from us for full-time education, your loan will be interest-free.
This means that your loan will not cost anything while you are studying. Furthermore, you do not need to pay back your loan while you are studying full-time with the support of Lånekassen.