The consequences of taking on a State Education loan

When you choose to take on a loan you also commit to paying it back with interest and compound interest

Every month interest rates are added to your loan also while you are still studying.

Consider your need for a loan

When you are a student enrolled in a study programme that entitles you to SU, you are able to:

  1. apply for the monthly State Education Grant
  2. have an income from a part-time job while studying (activating your ‘fribeløb’) and
  3. take on a State Education loan

It is always important that you consider your actual need for a State Education loan. If you are taking on a loan, you might wind up paying instalments several years ahead and it might affect the amount you for instance are allowed to borrow at the bank for a new residence.

Even if you are only borrowing a relatively small amount every month, it might add up to a fairly large amount in the course of your study programme. You can find more information regarding interest rates on your State Education loan here.

You have to start paying off your debt in January one year after finishing your study programme. Are you for instance graduating in June 2019, you will have to start paying off your loan from January 2021. You will automatically receive notice from Udbetaling Danmark a couple of months before also containing a plan for paying off your amassed debt.

You are given 7-15 years to pay off your loan (including interest) entirely. The period depends on the amassed debt. You can find more information regarding paying off debt at Udbetaling Danmark, Studiegæld here

Graph showing periods for debt payments according to the size of your debt

How much do I owe?

If you are taking on a loan, you are able to keep track of what you owe via minSU. You are able to get an overview at Udbetaling Danmark, Studiegæld too. They are the ones administering interest rates and debt payments.

Using the self-service system of Udbetaling Danmark, Studiegæld, you are able to see how much interest that has been added to your existing loan.

Keep track of your debt through Udbetaling Danmark’s self-service system on or through minSU.