Income
Students’ individual life situations can vary significantly, and not all students rely on the same sources of income or social benefits for their livelihood. Changes in financial circumstances may occur particularly during the summer, in the event of illness and in the year of graduation.
Benefits for students
The financial aid available to higher education students primarily consists of the study grant, housing supplement, and student loan. The maximum duration of support depends on the scope of the degree and the start date of studies. A condition for receiving benefits is sufficient study progress, which is monitored annually by Kela. However, not all students are in the same life situation, and this also affects which benefits they may be eligible for.
The amount of support may be influenced by factors such as the applicant’s age, whether they live independently, or whether they are responsible for a minor child. In certain situations, a student may also be eligible for general housing allowance or social assistance. Changes in life circumstances can also affect one’s financial situation. For example, illness during studies may make it more difficult to progress, in which case the student should explore the possibility of applying for sickness allowance. If you are unsure which benefits you should apply for, you can seek guidance from Kela’s customer service.
More information on student benefits is available on Kela’s website
Income during the summer
Students can finance their livelihood during the summer through summer studies and summer jobs. In certain circumstances, higher education students may also be eligible for social assistance. More information on students’ summer income is available on Kela’s website.
Summer studies
It is also possible to study during the summer. The university’s summer term begins on 25th of May. Before this, you should find out how to apply for student benefits from Kela. More information on the schedule, registration, and course offerings of summer studies is available on the JYU website. You can also make progress on your thesis during the summer with student benefits.
Seasonal or part-time work
If you finance your studies with work and receive student benefits during the year, you should check your annual income limit from Kela’s website. It is the student’s responsibility to ensure that their income does not exceed the income limits for student benefits. If you notice that your annual income limit will be exceeded, you must return the financial aid and housing supplement to Kela.
Social assistance
In some cases, if you are unable to receive other benefits or income, you may be eligible for social assistance from Kela, as well as preventive or supplementary social assistance from your wellbeing services county. You can find information on the criteria for granting social assistance on Kela’s website. More information on applying for supplementary and preventive social assistance is available here.
After graduation
After completing your degree, there may be several changes to your financial situation. The list below summarizes the most important income-related matters that recent graduates should pay attention to. More detailed guidance on post-graduation livelihood is available on Kela’s website.
Student Union membership fee
If you have paid the JYY membership fee for the full year but graduate before the start of the semester you have paid for, you can apply for a refund of the membership fee. If you apply for a refund due to the end of your right to study, you must also return the academic year sticker at the same time. Applications for refunds for the autumn semester or the full academic year must be submitted by 31st of August, and for the spring semester by 31st of January. Read more information here.
Income during the year of graduation
Kela reviews students’ annual income for financial aid on a calendar-year basis. For this reason, it is advisable to keep records of income earned during your year of graduation, so that you can provide clarification to Kela if necessary, for example if the income limit for student benefits is exceeded due to earnings received after graduation. More information on monitoring student financial aid income limits is available on Kela’s website.
Student loan
If you complete your degree within the target time and have taken out a student loan during your studies, you may be eligible for a student loan compensation. More information on the target time for completing a degree and how to apply for student loan compensation is available on Kela’s website.
Repayment of the student loan usually begins 1–2 years after you stop receiving student financial aid. This means that repayment may start even before graduation if you no longer receive student benefits. The repayment terms are agreed upon with the bank.
Employment
If you are not in full-time employment after graduation, remember to register as an unemployed jobseeker with employment services of your municipality of residence. After registering, you can apply for unemployment allowance from an unemployment fund if you are a member of one. Otherwise, you can apply for unemployment benefit from Kela. More information is available on Kela’s website.
JYY promotes students’ livelihood
The student union advocates for students’ interests at both the local and national levels of decision-making. We represent our members in university and city bodies and bring issues related to students’ livelihood and income into public discussion.