Maintenance support loans
The amount of a maintenance support loan is calculated according to maintenance support requirements. In addition, there may be maintenance based on the situation of the student during the study period, for example, the type of housing, marital status, number of children and income.
Therefore, a student who lives in a rental or on housing is eligible for an additional loan supplement for housing. Then it is taken into consideration if the person lives alone or whether or not he is in a partnership or married, if there are children in the home and then how many.
See appendix I in the allocation rules of the Icelandic Student Loan fund.
Tution fee loans
Amounts - maximum:
ISK 3,900,000 for studies in Iceland.
EUR 40,000 for study abroad (EUR 6,058,000 ISK. based on the exchange rate on 1 June 2020).
(In case of a BA/BS course, vocational studies or preparatory studies, only 1/3 of the maximum amount is allocated each year).
In case of a continuous course of study longer than 5 years (e.g. in medicine), a supplement may be granted in the 5. or 6. year, equivalent to € 12.000 (ISK 1.817.400).
If a loan recipient changes his country of study, the proportion of the maximum amount granted for tuition fees which he has used in the previous country is found and this proportion is applied in the next country of study when calculating the latitude available regarding further loans for tuition fees.
Note: if a student finishes his tuition fee quota he is no longer eligible for a tuition fee loan.
A student is eligible for a maintenance grant for the support of a child/children below the age of 18 in his/her custody, amounting to a single child support per month. The amount of the grant in the school year 2020-2021 is ISK 5.340 per child for each ETCS-unit. Condition is that the person is enrolled in a full course of study qualifying for a loan and the child’s legal residence is with the student.
Students paying alimony for a child below the age of 18 can also obtain a grant for alimony payments for the same amount (ISK 5.340 per child for each ETCS-unit).
Further information on possible loan amounts may be obtained by using the calculator of a maintenance loan.