There can be a lot to think about before and during your studies. The financial situation you are in as a student can also be a concern. Annbjørg Leden Nytrøen (29) is a student and customer supervisor at Lånekassen. She has some rules to remember for those of you who are about to take out or already have a student loan. The loan is adapted to you and your situation – Many people find the idea of having a loan unpleasant, but the loan in Lånekassen in particular has very unique conditions, says Leden Nytrøen. The student loan is a personal loan. This means that it can be adapted to your life situation, both during and after your studies. If you become ill, unemployed or experience other challenges, this can be taken into account. – Life happens, after all. You should not hesitate to report difficulties to Lånekassen. Photo: Gorm Kallestad / NTB Apply as soon as you have a study place Lånekassen gives you support to take 480 study credits. This corresponds to eight years of full-time studies. You can apply for a grant, limited or maximum loan. This is the basic loan, or what most people know as a student loan. In addition, you can get support for school fees. You should apply for it as soon as you have obtained a study place. You can also get an additional loan or grant if you are over 30 or have children under 16. The deadline for applying is 15 November 2022 if you are applying for autumn 2022 or the entire academic year, and 15 March 2023 if you are applying for spring 2023. If you find that you need more or less than the loan you have, it is possible to send submit a new application before the deadline or get in touch in writing via Lånekassen’s portal “Dinesider” before the end of the academic year. The customer advisor nevertheless encourages you to adhere to the deadlines in order to get what you are entitled to as quickly as possible. In addition, she reminds that the Lånekassen must have a written application. The student loan is the most favorable loan you can have. Here you will find out why. Up to 40 per cent can be converted into a grant Anyone who takes out a student loan can have up to 40 per cent of the loan converted into a grant. Initially, 25 per cent of the conversion is based on exam results, and 15 per cent on completed degree. This applies to most people studying higher education. If you take a year’s study or do not complete a degree, you will therefore only have up to 25 per cent of the base loan converted. To convert from a loan to a grant, you must meet these three requirements: You must be living away from home You must pass your education You cannot have too much income or wealth These factors can change from semester to semester, so it is important that you report changes to Lånekassen. If, for example, you live at home with your parents for one semester, you will not have the loan converted into a scholarship for that period. Nevertheless, you will convert the loan into a scholarship for the other semesters you are away. – It may mean that your conversion is slightly reduced, but it does not mean that you suddenly have to repay your entire loan, emphasizes Leden Nytrøen. Income limit and assets Lånekassen obtains figures from the tax authority to determine whether your income or assets are too high. The tax settlement applies to each calendar year – not each academic year. There are two income limits for you who get a basic loan. You cannot earn more than: NOK 199,591 when you receive support for more than seven months during 2022. NOK 498,977 when you receive support for seven months or less during 2022. These limits are set so that be possible for you to have a full-time job before or after your studies, without this affecting the loan. If you are unsure whether you want to exceed the limit, Leden Nytrøen recommends logging into the Swedish Tax Agency’s website and keeping track of how much you have earned during the year. Remember that you will be paid the same amount of money, but must repay the full loan without conversion to a grant. There are several grants In addition to basic loans and grants, you can also apply for other grants: Parents’ grant: If you have a child while you are studying, you can have a loan converted into a grant for up to 49 weeks. If both parents are students, only one of them can receive the scholarship. You can also get a children’s grant if you have children under the age of 16, but this is included in the ordinary application for a basic loan, and must not be submitted as a separate application. Sickness grant: This grant means that the loan is converted into a grant during the period you are ill. The requirement is that you are at least 50 per cent unable to study, and ill for more than two weeks straight. You can get a sickness grant for up to 4 months and 15 days during an academic year. Additional disability grant: If you cannot work alongside your studies due to your health condition, for example due to a chronic illness, you can apply for an additional grant. That gives you NOK 4,000 a month if you are a full-time student. You can apply for support per semester, or for the whole year if you are also unable to work during the holidays. Photo: Frank May / NTB scanpix Longer processing for students abroad Most of the applications that Lånekassen gets processed by machines, everything happens automatically. But for many who study abroad, the application must be assessed by a case manager. When a case manager has to assess the case, it takes longer to get an answer. – Therefore send your application as early as possible. You don’t want to be abroad in September without having received your support, advises customer supervisor Leden Nytrøen. If you are not on exchange through your educational institution here in Norway, but are studying directly at a foreign educational institution, you must remember to submit your grades to Lånekassen after the exam. If you are on an exchange, your educational institution here at home will send in your grades. Interest runs from the day after the end of the semester The loan is basically interest-free until you finish your studies, or if you switch to part-time studies or take a break from your studies. Primarily, interest starts to run from the day after the end of the semester. So if, for example, you have leave for a year, interest will accrue on your loan. – What is good to know is that depending on the situation there, you can apply to have those interest rates deleted, explains Leden Nytrøen. The first bill comes approximately half a year after the last loan and grant payment. You can have your student loan written off In the same way as having interest written off, there are schemes that can reduce or write off your student loan. – There are many people who are not aware that these schemes exist, points out Leden Nytrøen. If you live and work in Finnmark or Nord-Troms for 12 consecutive months, you can have 10 per cent of your student loan written off each year, a maximum of NOK 25,000 per year. In addition, there are several schemes for those who are qualified teachers or lecturers, where you can have approximately NOK 50,000 deleted. If you work as a doctor in certain municipalities, you can have up to NOK 25,000 deleted. If you are disabled, you can also apply to have your student debt cancelled. How much is determined by your income. You can apply for payment deferrals If you cannot pay the bill from Lånekassen, you can defer the bill. It is possible to do 36 times, which corresponds to three years. You can do this both with bills you have already received, or those to come. You can also apply for a postponement where the payment deadline has passed, but you will be exempt from fees if you do so before the deadline expires. When you get a payment deferment, the repayment period is extended accordingly, and interest is added for the months you do not pay. In 2022, there are additional payment delays due to corona. The quota of 36 deferrals will apply from January 2023. Ask if you are unsure Annbjørg Leden Nytrøen emphasizes that there is a low threshold for contacting Lånekassen. She knows that there are many questions one can sit with, both as a new student and when the time has come to start repayment. Many people figure it out themselves, but it is better to ask once too much, than once too little, if something is unclear. – We like students to try to figure things out themselves, but if you are unsure, just get in touch. We are here to help. It is important to provide correct information and report any changes along the way. But remember that if you’ve forgotten to report something, it doesn’t have to be the end of the world. – We are people too. If you’ve only forgotten a little, you can often find a solution, assures Leden Nytrøen.
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questions about rules for student loans and grants from Lånekassen during or after education – news Troms and Finnmark
