Repayment of loans

If you have a Norwegian bank account

• The easiest and cheapest way to repay your student loan is if you have a Norwegian bank account.
• As long as you have a Norwegian social security number you may open a bank account in a Norwegian bank.
• You can transfer a set amount from your bank abroad to your Norwegian account.
• You can register for direct debit (avtalegiro) or an electronic invoice service (e-faktura).

Avoiding costs

Lånekassen introduced monthly repayment in 2014. As long as you have a Norwegian bank account, you may still transfer a quartely amount to save costs. Set up a direct debit (avtalegiro) in your Norwegian bank to make it easier to repay your student loan.

If you have a foreign bank account

• You need a SWIFT-number. It is the unique identification code for a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers.
• If you do not have online banking, please contact your local bank and order a SWIFT transaction.
• You can transfer money in the local or Norwegian currency.
• Your bank needs to know the receiver (Lånekassen) and what the transfer is for.
• You will need the following information to make the transfer:

Statens lånekasse for utdanning
Postboks 430
Alnabru
0614 Oslo
Kontonr./IBAN-nr: NO84 63450508715
SWIFT/BIC: NDEANOKK
Bank: Nordea Bank Norge ASA

• You need your KID-number or your allocated costumer number in Lånekassen. You will find both of these numbers on Dine sider and on your last invoice.
• If the transfer is made by someone else, please note that they must add your name and something to identify you (costumer number, KID-number or date of birth), to the transfer.
• You can not pay by using VISA.

Payment by cheque

You can pay with a cheque. You make the transfer in the local currency. Please remember to add your KID-number or your allocated costumer number in Lånekassen, when writing the cheque. You also have the option to use a currency cheque at your local bank or a Norwegian bank. Please note that depositing of cheques is a very time consuming way to transfer money.

High transaction fees abroad

It is common for foreign banks to charge high fees for international money transfers. You may save money if you repay in larger instalments. You will still receive an invoice, but it will show the surplus amount you have repaid. Always read the bill and if the information is not correct, then you will find the updated information on Dine sider.

Prepayment is no longer possible

It is no longer possible to make payments in advance, but you can still repay your loan more quickly, if you wish. In most cases, making an extra payment will mean that the monthly amount will be lower while the repayment period remains the same.

If you pay late

You will be charged with a 280 NOK fee if you do not pay by the due date. You will receive a notice of termination of your loan and a 490 NOK fee.

These are the most important changes:

• Monthly payments for everyone
• Interest charges if you pay late
• You can choose to pay by direct debit
• You can change the due date
• No longer possible to pay in advance
• You can change the payment schedule
• Charges must be paid as they arise

It is important to read this letter so that you are aware of the consequences for you.

Monthly payment

Lånekassen - the Norwegian State Educational Loan Fund - will now send a bill once a month. This means that it is no longer possible to pay quarterly. It also means that the amount of each bill will be less than before. See your new payment schedule on Dine sider. Log on with BankID or MinID. The first monthly invoice will come in July 2014. The payment deadline will be 15 August unless you have applied for a postponement before this date.

If you already have a monthly withdrawal from your bank account, you must stop this and preferably set up a direct debit (avtalegiro). In this way you will always pay the right amount at the right time. Read more at www.lanekassen.no/manedlig-betaling.

Charges for late payment

If you pay the bill late, interest will be charged on the amount due, starting on the day after the due date. The interest on late payment is fixed by the Ministry of Finance. At present the interest rate is 9.5 per cent. There will also be a charge for sending a reminder.

If you do not keep up your loan repayments, the loan will be cancelled and the debt will be transferred to the Norwegian National Collection Agency. Interest will then be charged on the entire loan. Read more about interest on late payment and reminder charges at www.lanekassen.no/gebyr.

Choose to pay by direct debit (avtalegiro)

You can now choose to repay your student loan by direct debit (avtalegiro).  If you do this, you no longer need to remember to pay on time. We will notify you before each payment and the amount will automatically be withdrawn from your account on the due date. Customers who agree to electronic communication and choose to pay by direct debit (avtalegiro) do not have to pay the invoice charge of NOK 18. You agree to electronic communication with Lånekassen at Dine sider. We encourage all customers to choose direct debit. You can do this on Dine sider or through your online bank. If you would like to receive e-invoices (e-faktura) instead, this is still possible.

If you choose to pay by direct debit (avtalegiro), you could have your next three payments covered by us. A winner will be drawn every month in 2014.

Read more at www.lanekassen.no/avtalegiro.  

You can change the due date

From 15 August you can choose to repay your student loan on the 5th, 15th or 25th of each month. If you do nothing, the payment date will be the 15th of each month. You can change the payment date on Dine sider at www.lanekassen.no.

Prepayment is no longer possible

It is no longer possible to make payments in advance, but you can still repay your loan more quickly, if you wish. In most cases, making an extra payment will mean that the monthly amount will be lower while the repayment period remains the same.

You can reduce the repayment period

You can choose to increase the amount of the monthly payments and reduce the repayment period. You can do this on Dine sider.

Charges must be paid as they arise

If you apply for a postponement after the due date, you may have to pay a reminder charge. The same applies if you pay after the due date. From now on, charges and costs from previous bills that have not been paid will be added to future bills until they have been paid. Read more at www.lanekassen.no/gebyr.

Delayed payment, interest exemption and waiver

You can still apply for delayed payment if you are unable to pay your bill. You can do this on Dine sider. You may be entitled to a total delay of up to 36 months during the course of the whole repayment period. You can also apply for interest exemption or a waiver of debt if you fulfil certain conditions. Read more at www.lanekassen.no/tilbakebetaling.

Read more about all the new payment conditions at www.lanekassen.no/enklere-nedbetaling. 

Remember that you will now receive a bill once a month. You can make things easier for yourself if you choose to pay by direct debit (avtalegiro).