Fees and finances

Tuition Fees
The studies in the BSc and MSc Programs of the Aalto University School of Economics are currently tuition free. All students are required to pay the mandatory student union fee. Unfortunately the Aalto University School of Economics is not able to offer any kind of financial support for international students.

Student Union fee
The Student Unions of the various universities, however, charge an annual membership fee to cover their activities. At the Aalto University School of Economics, the fee is about €64 for the 2008-2009 academic year. Student health care contribution is included in this fee.

Please note that the health care contribution is not health insurance; it allows students to use the student health care facilities provided by FSHS (Finnish Student Health Service). The Student Union membership is obligatory for undergraduate and graduate students (i.e. those studying for their Bachelor’s or Master’s degrees) degree students. Postgraduate (Licentiate and PhD) students may join the Student Union if they wish.

Estimated cost of living
All degree students have to pay for their books (although the student library system works quite well) and other study materials as well as their accommodation and living expenses. The total monthly living expenses of a single student average from €600 to €900 - depending on your spending habits.

The rent in student accommodation varies from €190 to €350 a month (in a single room). The rent for family accommodation ranges from €450 to €859 a month. Expect to pay more if you are renting accommodation privately.

Student status, and especially the Student Union membership, entitles students to various services at affordable prices as well as to an abundance of student discounts.

It is important to note that in order to be granted a residence permit, Finland requires you to prove that you have enough money to support  yourself while here (in practice some EUR 500/month or EUR 6,000/year) and valid health insurance with adequate coverage.

Non-Finnish citizens and student financial aid
Student financial aid is intended to provide an income for financially needy students whose parents are not under obligation to finance their studies and who are not eligible for aid under some other provisions. In order to qualify, you must be a full-time student, make satisfactory academic progress, and be in need of financial assistance.

Non-citizens of Finland can get financial aid for studies in Finland if you live in Finland on a permanent basis for a purpose other than studying. This requires that you are registered as permanent residents in the Finnish population register system. The purpose of residence in Finland is determined by reference to such matters as the residence permit, registration or acceptance to an educational institution. If you come to Finland solely for the purpose of attending a school, you cannot get Finnish student financial aid.

You apply for student financial aid (study grant and/or housing supplement) through Kela (The Social Insurance Institution of Finland). You first obtain the form "opintotukihakemus" (OT2e) from the student financial aid office at HSE, a Kela office or Kela's website. The application and relevant supporting documents (e.g. copy of your rental agreement) should be sent to the financial aid committee of HSE. Applications from non-citizens for financial aid must be accompanied by the appendix form OT10.
» Kela for students in English
» Kela documents for students in English

The formal decision on your application is sent to the address you specify in your application. You will automatically be sent a new decision for the following academic year if you have been granted loan guarantees and other financial aid benefits for your entire course of study and your credit information has not changed.

The Aalto University School of Economics Student Financial Aid Office
Mailing address: PL 1012, 00101 Helsinki, Finland

Visiting address:
Runeberginkatu 14-16, Main building, A-wing, ground floor, room A-012
Phone 09 431 38 230
Fax 09 431 38 218
E-mail: opintotuki(at)hse.fi

Office Hours: Monday 2-4 p.m. and Thursday 9-12 a.m.
Telephone service: Monday – Friday 1-2 p.m.