Return overpaid financial aid by the end of April
If you want to voluntarily repay student financial aid for 2021, you must do this before the end of April 2022. If overpaid financial aid is not returned in time, it is collected back at 7.5% interest.
Students whose income for 2021 exceeds a specified annual limit can voluntarily return overpaid study grant and student housing supplement payments. The annual income limit and the voluntary repayment provision do not apply to the general housing allowance. Overpaid financial aid must be paid back by Saturday, 30 April 2022.
Recipients of student financial aid can access Kela’s e-service at www.kela.fi/omakela (Finnish) or www.fpa.fi/mittfpa (Swedish) to check preliminary information about their annual income and how it affects financial aid. To log in to OmaKela, users need their online bank credentials or a mobile ID. The annual income details can be looked up by going to Omat etuudet > Opintotuki (Financial aid) > Tukikuukaudet (Months of financial aid) > Tulovalvonta (Income monitoring) > Vuositulot (Annual income).
If preliminary tax information indicates that you have exceeded your annual income limit as a student, Kela will notify you of this and give a deadline for the repayment. Kela notifies all those recipients of student financial aid who have given Kela permission to send messages. You can give Kela permission to send messages in the OmaKela e-service.
Financial aid payments can be returned online. Students can access the OmaKela e-service to see for which months they can return financial aid and how much their annual income limit will go up if they voluntarily return aid for those months. The voluntary repayment can be made online directly through the student’s bank. Another option is to print out the information needed and make the repayment by the end of April.
Check your income limit online
Students who have received financial aid for nine months are permitted to earn up to 12,498 euros in other income. For students with 10 months of financial aid the limit is 11,116 euros. Students can check their personal income limit in OmaKela or call 020 634 2550 between 9:00 and 15:00, Monday to Friday.
The income limits given above apply to 2021. A 25% increase has been made to the income limits for 2022.
With the exception of study grant payments, all taxable earnings and investment income count as income at their gross value (before any deductions). Income from abroad is also taken into account as income. Students must check for themselves how much other income they have that counts against financial aid. You can check the amount of your annual income in OmaKela, your pre-completed tax return or the Incomes Register, www.tulorekisteri.fi.
Students who received less financial aid for a particular month may choose to return that month’s financial aid payment. For higher education students, eligibility for financial aid is restored for each month for which they return financial aid.
Students whose income exceeds the annual limit and who do not return excess aid will be required to pay back the aid to Kela. In that case, the amount that must be paid back is 7.5% higher than if the aid had been returned voluntarily.
Last year, 26,150 students returned a total of 19.9 million euros voluntarily. Most of the voluntary repayments are made online.
Kela notifies the tax office of the amounts of financial aid repaid
The tax office will send taxpayers a pre-completed tax return form. Repayments of financial aid received by the end of February are taken into account in the tax return. Kela will notify the tax office of the amounts of financial aid returned voluntarily between March and April. This means that students need not revise their tax return on that account. The tax office will take into account all repayments when calculating students' final tax liability.