Financial Requirements For Finland Student Visa: Studying in Finland is a dream for many international students, thanks to the country’s exceptional education system and high quality of life.
Recent statistics show that Finland hosted over 20,000 international students in 2023, a number that continues to grow each year. With affordable education compared to many Western countries, Finland is an attractive destination.
However, one of the biggest hurdles for international students is meeting the financial requirements for a Finland student visa. The Finnish Immigration Service (Migri) requires students to prove they have sufficient funds to support themselves during their studies. This assures them that you have enough funds to live and study in the country without facing financial challenges.
Failing to meet this requirement can lead to visa rejection, delaying or even canceling your dream of studying in Finland. In this comprehensive guide, we will walk you through everything you need to know to meet the financial requirements for Finland student visa application.
What Are the Financial Requirements for Finland Student Visa?
The Finnish Immigration Service (Migri) mandates that international students must demonstrate sufficient financial resources to cover their living expenses while studying in Finland. This is a vital component of the student visa application, officially known as a residence permit for studies.
This requirement ensures that students have sufficient funds for living expenses, allowing them to focus on their education without undue financial stress.
How Much Do You Need?
As of 2025, Finland requires international students to show at least €560 per month, which amounts to:
- €6,720 per year (if applying for a one-year program)
- €13,440 for two years (if applying for a two-year program)
What Does This Amount Cover?
The required €6,720 per year is meant to cover your basic living expenses, such as:
- Rent and utilities
- Food and groceries
- Transportation
- Study materials (books, supplies, etc.)
- Miscellaneous expenses (phone bills, health insurance, etc.)
Important: This does not include tuition fees, which must be paid separately. Tuition fees for non-EU/EEA students in Finland typically range between €6,000 and €18,000 per year, depending on the university and program.
MUST READ
- » Finnish Government Fully Funded Scholarship for International Students
- » Fully Funded Scholarships for International Students: Step-by-Step Guide (2025)
- » 10 Highest-Paying Master’s Programs in 2025
Documents Required to Prove Financial Capability
When applying for a Finland student visa, you must provide specific documents to prove your financial capability. Here’s what you need:
1. Bank Statement
- Must be in your name (joint accounts are usually not accepted)
- Should show a minimum balance of €6,720
- Should be from a reputable bank
2. Scholarship Award Letter (if applicable)
- Must be an official letter from the scholarship provider
- Should clearly mention if it covers living expenses
3. Sponsorship Letter (if applicable)
- Written by a parent, guardian, or close relative stating they will cover your expenses
- Sponsor’s bank statement or income certificate must be provided
4. Education Loan Approval Letter (if applicable)
- Must be an official letter from the bank or financial institution
- Should clearly state the loan amount and its purpose
Tip: Always ensure your documents are clear, up-to-date, and properly translated into English or Finnish if required.
How to Meet Finland’s Student Visa Financial Requirements
1. Save in Advance: Planning ahead is key. Begin saving as soon as you decide to study in Finland. Break your savings target into manageable monthly goals. For instance:
- If you need €6,720, save €560 each month for a year.
- Use a dedicated savings account to keep your funds separate from other expenses.
2. Apply for Fully Funded Scholarships: Many Finnish universities and organizations offer scholarships that can help cover tuition fees and living expenses. Here are some notable options:
- University Scholarships: Institutions like University of Oulu offer scholarships that may cover up to 100% of tuition fees and, in some cases, include a living stipend.
- Erasmus Mundus Scholarships: Available for joint master’s programs in Europe, including Finland.
- Finnish Government Scholarship Pool: Designed for doctoral students, but worth exploring for other funding opportunities.
3. Get a Financial Sponsor: If saving the required amount is challenging, consider finding a sponsor. Parents, guardians, or close relatives can submit a sponsorship letter along with proof of their financial resources. Ensure their documentation is clear and meets the Finnish Immigration Service’s standards.
4. Consider an Education Loan: If scholarships and personal savings are not enough, consider taking an education loan from a recognized bank.
5. Work Part-Time While Studying: With a Finland student visa, you can work up to 30 hours per week during studies and full-time during holidays. Popular part-time jobs include:
- Retail jobs
- Tutoring
- Library or research assistant
Important: Your visa application must not rely on part-time job earnings to meet financial requirements.
Practical Ways to Save Money in Finland
Finland is known for being expensive, but smart financial planning can help you make the most of your funds.
- Affordable Housing: Student housing organizations like HOAS offer budget-friendly options. Shared apartments are typically cheaper than individual ones.
- Transportation Savings: Take advantage of student discounts on public transportation, including trains and buses. Cycling is another affordable and eco-friendly alternative.
- Cook at Home: Dining out in Finland can be pricey. Save money by preparing meals at home and shopping for groceries at discount supermarkets like Lidl.
- Buy Second-Hand: Websites like Tori.fi and local thrift stores are excellent for finding affordable furniture, books, and clothing.
Common Mistakes That Can Get Your Visa Rejected
- Not Having Enough Funds: Your account must show the full €6,720—partial amounts won’t be accepted.
- Using a Joint Account: Your bank statement must be in your name only.
- Large Sudden Deposits: Immigration authorities may suspect money was borrowed if there’s a sudden, large deposit.
- Relying on Part-Time Work: You must already have the required funds before arriving in Finland.
- Submitting Incomplete Documents: Double-check that all documents are correct and valid before applying.
How to Apply for a Finland Student Visa
Once you’ve gathered the necessary financial documents, follow these steps to apply for your visa:
- Register on the Enter Finland Portal: Create an account and fill out the application form.
- Upload Required Documents: Include proof of funds, an admission letter, and other necessary paperwork.
- Pay the Application Fee: The processing fee is €350.
- Book an Embassy Appointment: Visit the nearest Finnish embassy for biometrics and document verification.
- Wait for Processing: Visa processing typically takes 1–3 months.
Frequently Asked Questions
1. Can I use a joint account as proof of funds?
No, the account must be in your name. Joint accounts are not typically accepted.
2. What happens if I can’t meet the financial requirements?
Your visa application may be rejected. You can reapply once you meet the requirements.
3. Can I use part-time job earnings to meet the financial requirements?
No, you must demonstrate sufficient funds before arriving in Finland.
4. Do scholarships count as proof of funds?
Yes, official scholarship award letters are accepted as proof.
5. Is health insurance included in the financial requirement?
No, health insurance must be purchased separately and is mandatory for your application.
6. Can my sponsor be a non-family member?
In most cases, sponsors must be close relatives. Non-family sponsors may require additional documentation.
7. Do I need to show funds for my entire study duration?
No, you need to show €6,720 for one year, even if your program is longer.
8. Can I bring my family with me?
Yes, but each dependent will have separate financial requirements.
9. Does the financial requirement vary by city?
No, the €6,720 amount is standard across Finland.
10. Are loans accepted as proof of funds?
Yes, an approved education loan with sufficient coverage may be accepted.
Conclusion
Meeting the financial requirements for a Finland student visa is a crucial step toward studying in this beautiful country. By planning ahead, exploring scholarships, and maintaining proper documentation, you can ensure a smooth visa application process.
Remember, demonstrating financial stability is not just about meeting bureaucratic demands—it ensures you can focus on your studies without unnecessary stress. Start your preparations early, seek advice if needed, and take the next step toward an exciting academic journey in Finland!