Factsheet for measure
FI-2021-32/1925
– measures in Finland
Loan deduction for students who do not graduate on time due to COVID-19
Opintolainahyvitys ja -vähennys mahdollinen myös opiskelijoille, joiden opinnot venyneet koronan vuoksi
Background information
In Finland, students who graduate on time can receive a deduction to their loan (either directly or through taxes). This deduction is 40% of the amount that exceeds €2,500.
During the COVID-19 pandemic, some students have struggled with finishing studies due to the stress and other health issues caused by the turbulent situation. Furthermore, for some students it has been difficult or impossible to find internships or make their final assignments which has prevented them from graduating. As a result, they have risked losing their right to the student loan deduction.
In order to support students affected by the COVID-19 pandemic, Opintotukilaki (1994/65) - the act that regulates student aid in Finland, has been amended.
Content of measure
The amendment that entered in force in August 2021 means that students who graduate a maximum one semester later than planned, can receive student loan deduction. The student must be able to prove that the delay is caused by COVID-19.
Students must apply for reprocessing of the deduction. This means that a student whose right to the deduction has been rejected by Kela (Finnish social insurance institution), can demand reprocessing. If they can prove that their studies were delayed by maximum one semester due to COVID-19, they get the deduction.
There is no budget for this measure. The maximum amount of deduction an individual student can receive is €7,640.
Use of measure
No information available.
Target groups
Actors and funding
|
Actors
|
Funding
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National government
Social insurance
|
National funds
|
Social partners
Social partners' role in
designing the measure
and form of involvement:
|
Trade unions
|
Employers' organisations
|
|
Role
|
Unknown
|
Unknown
|
|
Form
|
Not applicable
|
Not applicable
|
Social partners' role in the
implementation, monitoring and assessment phase:
-
No involvement
-
Main level of involvement: Unknown
Involvement
No information available.
Views and reactions
No information available.
Sources
-
02 June 2021: Opintolainahyvityksen määrä [amount of student loan deduction]
(www.kela.fi)
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30 June 2021: Student Aid Act changes: A student can receive a student loan credit if studies are delayed due to a corona
(www.hs.fi)
