Norway Student Loan Calculator
Work out the monthly payment and total cost of your student loan from Lånekassen (Norway's State Educational Loan Fund), based on loan amount, interest rate and repayment period.
How to use the student loan calculator
- Enter how much student loan you have or expect to have upon finishing your education.
- Enter the current Lånekassen interest rate — check lanekassen.no for the exact rate, since it's adjusted several times a year.
- Enter the desired repayment period. The calculator shows the monthly payment and total cost.
How the student loan is calculated
The calculator uses the annuity formula, the same principle as for ordinary loans — you pay a fixed amount each month, where the split between interest and principal changes over time:
where L is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of months.
Worked example: 300,000 kr at 4.5 % over 15 years costs 2,295 kr a month. Across 180 payments you repay 413,096 kr, so 413,096 − 300,000 = 113,096 kr is interest. Interest only starts accruing once you finish studying — the loan is interest-free while you are a student — which is why the total interest depends far more on the repayment period you choose than on when you studied.
Student loans from Lånekassen are interest-free for as long as you're in education. Repayment with interest only begins after you've completed or left your education, normally starting six months after. This calculator shows the cost in the actual repayment phase.
Frequently asked questions
Is student loan interest-free while I'm studying?
Yes. Student loans from Lånekassen are interest-free throughout your education. Interest calculation and repayment only start after you've completed or left your education, normally from six months after.
How is the Lånekassen interest rate set?
Lånekassen has a floating interest rate that's normally adjusted up to five times a year, based on market interest levels. This differs from banks' consumer loans, where the rate is often set individually by each bank.
Can I pay off my student loan faster without a fee?
Yes. Lånekassen doesn't charge a fee for extra repayment or early repayment of the student loan, unlike some other loan types.