Known as the land of the midnight sun, Sweden is preferred worldwide for its higher education and especially in the field of science and technology . With over 24,000 international students at Sweden’s renowned universities, the global exposure and networking opportunities are enormous. To alleviate the cost of education in one of the best European countries, students have access to a wide range of student loans in Sweden. Let’s find out the cost of studying in Sweden, the different student loans and scholarships that can help you continue your Nordic education.
Main reasons to study in the Nordic countries
Tuition fees and costs
International students from outside the EU, EEA, Nordic countries or Switzerland must pay an application and tuition fees to pursue higher education. The application fee amounts to 900 SEK (Swedish Krona) (INR 7,743.74), while the tuition fee depends on the type of program the candidate is pursuing. Although the average fee for a master’s program is approximately SEK 129,000 per year (INR 11,09,936.92), while the bachelor’s program costs less. Students would also need an average monthly student budget of approximately SEK 8,000 (INR 68,849.07) per month as living expenses.
Find out the cost of studying in Sweden!
Student loan for Sweden
The types of lenders that candidates can approach are public sector banks, private banks and private lenders, also known as non-banking financial companies (NBFCs). Students can apply for 2 types of educational loans, depending on their needs and requirements in Sweden:
- Guaranteed Education Loan
- Unsecured educational loan
YES Bank Educational Loan
ICICI Education Loan
Secured educational loans are loans in which collateral is pledged, which may belong to the borrower or a third party. Lenders find it easy to provide high-volume, lower-interest-rate loans with collateral.
Unsecured education loans are loans where no collateral is needed. The basic requirement for an unsecured education loan is a co-applicant with income and a good CIBIL score.
Must Read: Secured or Unsecured Education Loan
Student Loan for Sweden – Eligibility Criteria
Student loan granting in Sweden is affected by several factors. Some common factors that are considered by money lending sectors (banks) include:
- You must secure admission into a technical or job-oriented graduation degree course/postgraduate course/diploma course like MCA , MBA, MS offered by a reputed university.
- The applicant must be 18 years or older to apply for an educational loan. Students under 18 years of age must apply for the loan jointly with their parents.
- The candidate must be an Indian citizen.
Student loans in Sweden are not the only way to finance education. Scholarships are an important source of Swedish funding:
- The Swedish Institute: is a government agency that acts as a form of public funding. It provides a limited number of scholarships for international students through a series of specially designed programs.
- The Swedish Institute with specific universities: Provide funding that is awarded on a competitive basis. Additionally, Sweden provides other sources of funding that are less predominant: private sources, through foundations and fundraising organizations.
- Swedish Universities: Universities in Sweden also offer a major source of scholarships in tuition waivers for students. The amount and frequency of these scholarships depend on each university, with the Swedish Institute being the main contributor. Approximately 120 scholarships are awarded annually.
- The Erasmus Mundus Scholarship: is available for students attending universities in Sweden. This scholarship eases the burden of living costs, tuition fees, insurance and travel for those receiving the Erasmus Mundus Scholarship .
Top scholarships in Europe
KTH India Scholarship for Sweden
Part-time work options
There are other ways to finance your education instead of a student loan in Sweden. Students, in addition to their studies, spend several hours working. However, students keep their education a priority; They are expected to spend the equivalent of a 40-hour workweek reading and working on assignments. Students also have the option to extend their residence permit by six months to look for work or create a company and subsequently apply for a work permit. Sweden is home to many major employers such as IKEA, Volvo, Ericsson and H&M. Sweden is a perfect career starter for students.
Swedish Student Funding Board (CSN)
The Swedish Student Funding Board (CSN) is a government organization under the government of Sweden that manages all student funding in the country. Provides scholarships and student loans in Sweden for select international students. International students can apply for financial aid with CSN and then up to SEK 15,000 (INR 1,29,130.05) depending on the duration of the course, income and the price of their study (full-time or part-time). The interest rate is 0.5% and all students must repay the loan. Here are some requirements that students must meet. It is intended for select international students and students with permanent residence in Sweden.
The best universities in Sweden
- KTH Royal Institute of Technology
- Stockholm University
- Chalmers University of Technology
- Kristianstad University
- Lund University
- Jonkoping University
- Linkoping University
- Uppsala University
- University of Gothenburg
- Karolinska Institute
YouTube: take advantage of education
Loan and payment options
The maximum loan amount available for students going to Sweden for higher studies is Rs. 20 lakes. However, higher loan amounts are taken into account on a case-by-case basis when studying abroad. International students will be able to work part-time, as suggested above, to reduce their living and tuition expenses abroad. There is no formal limit on the number of hours international students can work in addition to their studies. The expectation is that students will study and work on projects for the equivalent of a 40-hour work week to maintain their focus on their studies. Additionally, students will have the option to return for an additional six months to seek employment in their field of study.
Students who have applied for an educational loan from a nationalized bank are required to start repayments upon completion of the course period and moratorium period (repayment begins one year after completion of the course or 6 months after getting a job, which happens first). However, students should note that the moratorium period varies depending on the loan provider.
Frequently asked questions
P1. Does Sweden have student loans?
Answer. Student loans and scholarships are designed for those enrolled in institutions such as universities, colleges, or technical schools. If you are over 20, you can also apply for scholarships and student loans at Komvux (adult education school) or a popular secondary school for courses at the compulsory and upper secondary level.
P2. Can international students get loans in Sweden?
Answer. Sweden international student loans provide funding up to the total estimated cost of education from your school, minus any additional aid you may have received. Tuition, board and board costs constitute the total cost of schooling.
P3. How do student loans work in Sweden?
Answer. A Swedish student will typically receive 9,024 KR per month for ten months. This loan does not affect the taxes or family allowances of the beneficiary’s parents. Supplementary loans are offered to students over 25 years of age.
It was a student loan for Sweden. Do you want to apply? If you need help with the application process for Swedish universities, contact our Leverage Edu experts right away!