Conditions of student loan
You can sign the student loan agreement from 1st of August until 31st of May.
You have to meet the following conditions to apply for a student loan:
- you are a citizen of the Republic of Estonia or the holder of a long-term residence permit or permanent right of residence
- the length of your studies determined in curriculum is 6 months or more.
- you are a full-time or part-time student
- in a university or an institution of professional education that is governed by Estonian public law or that operates on the basis of the Private Schools Act, or
- on the basis of secondary education in a state or municipal institution of vocational education or an institution of vocational education that operates on the basis of the Private Schools Act, or
- in a foreign educational institution that is equivalent to the educational institutions listed above
- you are not on academic leave
- you do not have any debts
If you do not meet these conditions, come to the bank to look at other options to finance your studies. You can take a look at other loan options here:
Read more about home equity loan
Read more about small loans
Loan study amount
The maximum loan amount for the 2017/2018 academic year is 1920 euros
There are two options for securing a student loan:
of two persons.
- property located in Estonia.
You can sign the student loan application and agreement at any branch of our bank or in the Internet Bank. If the length of your studies determined in curriculum is 6-8 months or you do not have Swedbank Internet Bank, you can only enter into the student loan agreement at the bank branch.
If You will sign the agreement in branch, You must
submit the following documents
with your application:
- identification document;
- the written consent of your legal representative if you are younger than 18 years;
- if you are not an Estonian citizen, you need to submit an alien’s passport or a foreign citizen’s
passport with a valid Estonian long-term residence permit;
In case of foreign studies:
- submit the certificate issued by the foreign educational institution if you study abroad.
Make sure that the certificate contains the following information:
If the certificate is not in Estonian, English or Russian, the bank may request submission of a certified translation of
- your details (name, ID code or date of birth);
- the faculty in which and the specialty that you study;
- whether you are a full-time or part-time student;
- the level of studies (vocational education based on secondary education; BA, MA or PhD studies);
- the start and expected end of the studies (nominal duration of studies); and
- ISCED (International Standard Classification of Education) level code.
for a certificate of a foreign educational institution
must also be submitted.
The certificate and application for a certificate of a foreign educational institution are only valid for one year and
you must submit them every year, even in case you don’t want to get student loan.
Otherwise bank will compile student loan schedule and repayment period will start.
The certificate and application bring to the bank branch or send via e-mail
firstname.lastname@example.org. If you send documents via e-mail they should be digitally signed and in PDF format.
The money is transferred to your account in Swedbank once all of the conditions required to be eligible for the loan have been met (the collateral contracts have been signed, your name has been entered in the list of persons eligible for a student loan which the Ministry of Education and Research has sent to the bank, etc.). The bank starts transferring the loan money on 1 October 2017. You can check your compliance with the terms and conditions after the loan agreement has been signed in the Internet Bank.
If you do not have an account in Swedbank, we will open a current account for you. We will transfer the loan amount and withdraw the payments relating to the loan from this account.
The agreement cannot be signed between 9.00 pm and midnight for technical reasons.
Sign student loan agreement
You do not have to reapply this year if you took out a student loan in last year and noted in your application that you would like the loan amount to be automatically transferred to your account in the subsequent academic year.
The money is automatically transferred to your account if all of the conditions have been met
(the collateral contracts have been signed, your name has been entered in the list of persons eligible for a student loan
which the Ministry of Education and Research has sent to the bank, etc.). The bank starts transferring the loan money
on 15 September.
The bank will not transfer the amount of the student loan to your account automatically if you study in a foreign
country or are a part-time teacher training student.
Those who study in foreign countries must submit the certificate of a foreign educational institution and the application
for a certificate of a foreign educational institution in order to receive a student loan. Part-time students in teacher
training must ask their employer to give them a certificate that verifies their work load.
If the automatic transfer of the student loan to your account failed for some reason, e.g. some of the eligibility
conditions had not been met or the school had not confirmed that you are a student, but you still wish to take out a loan
this academic year, you can apply for the transfer of the student loan to your account at a branch of the bank or in the
Internet bank from 1 October 2017.
If you do not wish to take a loan this year or you want to amend the terms and conditions of the loan (amount or
date of receipt of loan), you can submit an application at a branch of the bank or send us a notice about your decision to
not take another loan or your wish to amend the terms and conditions of the loan via the Internet Bank until 14 September
You cannot apply for a student loan for the previous academic year.
The person who provides surety to a student loan must be an adult with active legal capacity who is a citizen of the Republic of Estonia or a holder of a permanent right of residence or long-term residence permit of the Republic of Estonia whose regular and verifiable income for the last six months is at least equal to the minimum net salary valid in Estonia. Payslip is not a document for verification of income.
Surety providers submit application and sign suretyship contract at a Swedbank branch or in the Internet Bank.
Suretyship contracts can be signed with an ID card in the Internet Bank if the surety provider is an Internet Bank user, has an ID card and can use an ID card reader and a computer that is equipped with the relevant software.
A surety provider must have their passport or ID card with them if they submit a suretyship application and sign the suretyship contract at a branch.
A surety provider can sign a suretyship contract without you being present if surety provider know the number of your student loan contract and your ID code.
If the income of the surety provider is not received in a Swedbank account, the other bank's digitally confirmed statement for the last 6 months must be submitted to the Swedbank branch or to the e-mail address email@example.com before entering into the surety contract.
Payslip is not a document for verification of income.
If you do not have any surety providers and offer property as collateral for the loan, the property will be encumbered with a mortgage in favour of Swedbank. You can work out the approximate amount of the mortgage by multiplying the amount you wish to borrow by 1.3.
Sign the surety agreement
Repayment of student loan
A student loan is an obligation that must be responsibly performed. Read more about how to repay the loan and pay interest, and when you can apply for a grace period.
- Calculation of interest begins as soon as the loan is transferred to your account. The interest rate of the student loan is 5% on the loan balance and this rate is fixed for the entire life of the loan. Interest payments have to be done according to dates stated in Student Loan Agreement. The bank will automatically withdraw the interest from your account.
- A student loan is repaid on the basis of the schedule prepared by the bank and starts not later than 12 months after you have graduated or left the educational institution for any other reason, unless you start studying again before one year has passed.
The repayment period is twice as long as the duration of your studies according to the curriculum, but not more than 20 years. Take a look at how big your loan principal and interest payments will be.
Student loan calculator
If the educational institution notifies the bank that you have completed or discontinued your studies or if you do so
yourself, we will send you the loan repayment schedule within 45 days of graduation or discontinuation of studies. We will
send the schedule to the address you have given us. Please check in the Internet Bank that your contact address is correct.
If you would like to change the schedule (shorten the payment deadline, change the payment date or frequency etc.),
please submit the relevant application in the Internet Bank via a bank message or at a branch of the bank. You must pay a
service charge according to the valid price list to amend the schedule.
Student loan price list
- If you do not complete your studies for some reason, you must repay the loan within a period that equals one-and-a-half times the actual period of study, but which is no shorter than six months and no longer than one-and-a-half times the nominal duration of the study program.
If you would like to repay the student loan amount early, you must submit a relevant application at a branch of the bank
or in the Internet Bank two days before the repayment. The bank will withdraw the repayable amount from your account that
is tied to the student loan agreement on the agreed date.
early repayment of student loan in Internet Bank
Grace period and state support
- You can suspend the repayment of your student loan principal until your child turns three (provided that the other parent of the child has not already been given a grace period on the same basis), and also for the time you spend in compulsory military service or study as a resident.
- The state pays the interest on your behalf during the grace period. In order to use this support, submit an application to the bank with a document evidencing your right to obtain it: your child’s birth certificate or a certified document from your unit. The support will apply from the day you submit the application to the bank.
- If the borrower is not capable of working or borrower constantly takes care of his/her profound handicapped child or borrower dies, the state will repay the loan in full. The state does not pay the loan amount if the student loan was applied for after the borrower was declared permanently incapacitated for work or for after the borrower’s child was declared handicapped. Contact the bank to find out what documents you need to submit in such a situation.
How to formalise a grace period or state benefit?
In order to apply for a grace period or state benefit, you need to submit the following documents to the bank:
You can suspend the repayment of your student loan principal until your child turns three,also for the time you spend in compulsory military service or study as a resident
- Application in free form
- Document forming the basis of receiving a grace period or benefit (e.g. child’s birth certificate, : a certified document from your unit etc.)
Borrower constantly takes care of his/her profound handicapped child:
- Application (PDF)
- Certificate issued by the Social Insurance Board regarding the circumstance from what time the borrower’s child has been determined profoundly disabled
- Consent to forwarding personal details from the Social Insurance Board to the Ministry of Education and Research in case when borrower’s child has been determined profoundly disabled (PDF)
- Consent to forwarding personal details from the Population Register to the Ministry of Education and Research in case when borrower’s child has been determined profoundly disabled (PDF)
If the borrower is not capable of working
- Application in free form
- Consent for the forwarding of personal data from the Unemployment Insurance Fund or the Social Insurance Board to the Ministry of Finance regarding the borrower being incapable of working (PDF)
- Decision on the determination of incapacity for work issued by the Unemployment Insurance Fund or the Social Insurance Board
If borrower dies:
- Application in free form
- Certficate of borrower’s death
All documents can be submitted to the bank by e-mail at firstname.lastname@example.org, but in this event the documents must be digitally signed.
Please call us on 6310 310 or send an e-mail to email@example.com if you have any questions.
Transfer of student loan to Swedbank
You may have only one valid student loan contract with one bank. If you would like to transfer your student loan from another bank to Swedbank, find out how this can be done.
- Submit a student loan transfer application to our branch. Student loan transfer application
- An employee of the bank will inform you of the decision to transfer banks and agree the details of the student loan agreement and the collateral contracts with you.
- You have to pay the other bank the loan agreement termination fee and interest calculated until you signed a new student loan agreement after you have signed a new student loan agreement with Swedbank. You can find out the exact amount from the relevant bank.
- Swedbank then pays the balance of your student loan principal to your account in Swedbank and the amount is immediately transferred to the pervious lender in order to repay the loan to them.
- After this, you only have to communicate with Swedbank on matters concerning the student loan.