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Remember to check your yearly exempt amount of other income if you receive student financial aid from the Finnish state!

17.02.2016

If you receive student financial aid from the Finnish state, check your yearly exempt amount of other income for 2015, and return any extra aid by the end of May.

For each month during which you receive study grant or housing supplement, the exempt amount is on average €660, and for each aid-free month €1,970. Assuming that you received aid for 9 months, you would be allowed to have up to €11,850 a year in other income. The income may be earned at any time during the calendar year. Remember also that you’ll have gain at least 5 credits for every month you receive financial aid, and at least 20 credits for each semester you receive financial aid for, even if you only receive one month’s worth of financial aid.

You can raise your annual income limit by voluntarily repaying financial aid by the end of May the year following the year when the aid was paid out. Voluntary repayment of financial aid is a financially more favourable alternative than recovery. By repaying aid voluntarily, you will not have to pay the 15% repayment penalty that is added to the recoverable amount if, following the income check, overpaid aid is recovered from you.

If you receive student financial aid from the Finnish state, and have in 2014 earned more than annual exempt amount, you will be required to pay back some or all of the financial aid you have received. If this is the case, you will have received a letter from Kela with a draft decision on how much of the financial aid you have received you should return. For income received before or after studies is exempt from the income check. Any appeal on the draft decision must be made by 17.3.2016.

For more information please see Kela’s website:
http://www.kela.fi/web/en/student-s-own-income
http://www.kela.fi/web/en/have-you-started-studies-or-graduated-