Europe

Student Financial Aid Income Limits Raised Significantly

income limit Student financial aid will increase by 50% from 2021. In addition, the target period for higher education students to earn a degree and qualify for student loan coverage can be extended by one academic year. The changes he will take effect on January 1, 2023.

Congress has approved amendments to the Student Financial Aid Act to increase the income limit applicable to student financial aid.

This amendment also changes the eligibility criteria for student loan coverage.

In 2023, the annual income cap will be raised across the board and will be 50% higher than in 2021. Compared to 2022, the income ceiling will increase by about 20%.

Students who receive nine months of financial aid can earn up to €18,720 in pre-tax profits next year. The limit for students receiving financial aid for 10 months is €16,640.

Student financial aid is not subject to monthly income limits. Students can earn income at any time during the calendar year as long as they do not exceed the annual income limit.

Students studying in countries under martial law may take longer to complete their degree and qualify for student loan coverage

Students who complete their degree within the specified target time are eligible for student loan coverage. In the 2021-2022 academic year, about 40 higher education students in Ukraine received financial aid from Finland. Those students who had to suspend their studies in Ukraine after Russia attacked it could lose their right to receive student loan compensation.

The revised law makes it possible to extend the target period for completing a degree for students attending schools in countries under martial law. The target period can be extended by one academic year.

For example, a student pursuing a 300-credit college degree is typically eligible for student loan coverage if the degree is completed within six academic years. However, if the destination country is under martial law, a student may be eligible for student loan coverage if it took her seven academic years to earn her degree.

The target period for completing the degree may also be extended by one academic year in other exceptional circumstances equating to a state of war. This may include serious mass casualty incidents or natural disasters, large-scale armed attacks, or widespread and dangerous epidemics.

In 2021, the average student loan coverage for students completing a degree at a foreign higher education institution was €8,210.

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HT

Source: Kera

https://www.helsinkitimes.fi/finland/finland-news/domestic/22449-income-limits-for-student-financial-aid-to-be-raised-significantly.html Student Financial Aid Income Limits Raised Significantly

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