Finally a student!
Are you about to start your studies? Exciting times lie ahead, but it can also be a bit daunting to become a student for the first time.
Student finances
When you become a student, it can be wise to be extra careful with your money. Without a regular income, it can be challenging to make your student loan last the entire month. Therefore, it's important to plan, prioritise correctly, and perhaps make some small changes to your habits.
With a bit of prioritisation, you can avoid running out of money before the next payment, whilst also having a little extra for both unexpected expenses and fun experiences!
Prioritise what matters most
Get an overview of fixed expenses such as rent, electricity and food. Create a budget so you know how much is left over
Work alongside your studies
Part-time jobs provide both extra income and valuable experience. Remember to apply actively – the worst that can happen is that you get a no
Rent out your things
Do you have equipment such as clothes, tents or tools lying around? Rent them out and earn up to NOK 10,000 tax-free per year
Set concrete savings goals
Define what you are saving for, such as a holiday or a buffer account. Create separate accounts for extra motivation! You can easily do this in DNB's mobile banking app
Sell what you don't use
Tidy up at home and sell unnecessary belongings. There can be surprisingly much money to be made
Don't worry about FOMO
Say no to expensive social events. Instead, suggest cheaper alternatives such as a film night at home
Cut things you don't need
Do you need three streaming services? Share with friends and save money. Skip that coffee on the way to school or work
Student discount
Ask for a discount where you shop – many places offer reduced prices to students. If you are between 18 and 28, you get special benefits as a DNB Ung (Young Adults) customer at DNB
See benefits
Loan from the Norwegian State Educational Loan Fund
When you start studying, you may need grants and loans from the Norwegian State Educational Loan Fund to make ends meet. When you apply for loans and grants from the Norwegian State Educational Loan Fund, it is important to understand how the application process works. You should also know how much you can receive, and what is required for parts of the loan to be converted into a grant.
How to apply for a loan?
It is important to apply for grants and student loans early so that you receive what you need at the right time. You can easily apply by logging in to the Norwegian State Educational Loan Fund's website with BankID, filling out the application form for grants and loans, and adding the necessary documentation. Finally, you submit the application and sign the agreement digitally after you receive the offer.
How much do you receive in loans and grants?
How much support you receive from the Norwegian State Educational Loan Fund depends on whether you live at home or independently, and whether you study full-time or part-time. You receive money to cover essential expenses such as rent, food and books. The support can be up to NOK 137,900, where 60 per cent is a loan, and 40 per cent can be converted into a grant if you pass your studies.
View your student loan in the mobile bank
If you have a student loan with Lånekassen, you can see how much you have left to pay at any time in the mobile bank. Here's how to do it:
- Log in to the mobile bank, tap on "Me" and go to "Loans and credit"
- Here Lånekassen will appear, which you can choose to add
- Scroll through the introduction from Altinn (the Norwegian digital portal for dialogue with public agencies) and give your consent
- After giving consent, the student loan will appear as a separate entry under "Loans and credit"
What you need to know about student debt
Remember that the student loan actually must be repaid. It can also affect how much you receive in mortgage.
During your studies, it is wise to keep an eye on how much debt you have and how much you can expect to repay to Lånekassen per month when you finish studying. You can find this information under 'Your Pages' on Lånekassen's website.
To minimise your student debt, you should ensure that you convert as much of your student loan as possible into a grant. Today, you can have up to 40 per cent of the basic support converted into a grant, which means you do not have to repay it.
Unsure whether you have chosen the right course of study?
It is perfectly fine to be unsure about what you want to work with, but taking random subjects or remaining on a course you do not like can quickly become expensive. The longer you study, the more debt you may end up with. Are you unsure whether you have chosen the right path? Have a chat with an adviser at your place of study.
How much can you expect to have in total student debt?
How much you will end up with in student debt will vary depending on, among other things:
- What type of school you attend
- How long your education is
- Whether you complete your degree
- You live away from home or at home
- You are studying abroad
Create a budget
Start by writing down your income, such as grants and loans. Then make a list of your expenses, including fixed costs such as rent, electricity and food. This gives you an overview of your finances.
Create a budgetInclude all costs
Remember to include both fixed expenses and other costs that may arise, such as clothing, transport and social activities. Such costs can be more difficult to predict, so be prepared for them to occur.
Save a little here and there
As a student, it can be difficult to save, but even small amounts can help. A small buffer helps with unexpected costs, such as a broken mobile phone or extra bills. Try to set aside a little each month.
Check out savings goalHow to pay a bill?
As a student, finances can be tight, and delaying bill payments can make it even more difficult. Make sure to pay your bills before the due date to avoid extra fees and problems. Set up a reminder in your calendar so you remember to pay on time!
Here's how to do it: Open your mobile banking app or online bank, enter the KID number and amount, and click "Pay". It's that simple! If you want automatic payments, you can set up an AvtaleGiro.
Where do you want to live as a student?
When you need to find somewhere to live as a student, there are several options. You can live at home, rent a bedsit/flat near your place of study, or apply for student accommodation. Many also choose to live in shared housing, which can be both cheaper and more social. Whatever you choose, it is important to have a tenancy agreement that includes a deposit and notice period. This gives you peace of mind and an overview of what applies if you wish to move out.
Contents insurance
Even though it may not be the first thing you think about as a student, insurance can be important to have. Contents insurance covers your belongings if something should happen, such as theft or water damage.
Studying abroad?
Many young people travel abroad to gain knowledge, make new friends, and have new experiences. Here are 10 tips for what you should arrange before you travel:
Apply for support from the Norwegian State Educational Loan Fund
Once you have been accepted at your chosen school, apply for student support early. The Norwegian State Educational Loan Fund can cover tuition fees and living expenses, but the amount varies by country and institution. Create a budget to get an overview of your expenses
Passport and student visa
Check whether you need a student visa. Within the EU/EEA, it is usually not necessary. Remember to have a valid passport and take a copy in case you lose it
Create a budget
Set up a budget for both income and expenses, including tuition fees, accommodation, and travel. This gives you an overview of what you need to save before departure
Save extra money
Save a little each month to have a financial buffer. Small steps in everyday life can yield significant gains over time
Book flights early
Plan your journey well in advance to find affordable tickets. Remember that the Norwegian State Educational Loan Fund provides support for travel expenses
Transfer credits
Check whether you can transfer any credits from Norway. If you can transfer credits, it may reduce your tuition fees
Accommodation and deposit
Save for a deposit and research where you want to live. Share accommodation with others to cut costs, and check the second-hand market for affordable furniture
Have the right insurance
You need travel insurance that covers the entire stay, as well as home contents and accident insurance. The European Health Insurance Card is only valid in EEA countries