Generally, foreign students in Danish courses of study are ineligible for educational support, but there are some exceptions with regards to refugees and relatives of refugees, along with some other specific circumstances. You can read more about the rules for SU for foreign citizens here.
If you are eligible, and you feel like money is streaming out of your account and less than you’d like is going into it when you get paid? Read on to get some pieces of advice, if you’re considering taking out an SU-loan.
Start with your budget
Before you even begin considering whether an SU-loan is right for you, it can be a good idea to map your total finances. Are there some places in which you can save a little extra, so you don’t need to take out as large a loan? You might also find out that, rather than a loan, you can put some hours into a student job.
If you conclude that you do need to take out a loan, it should be an SU-loan. An SU-loan is usually the most beneficial form of loan on the market. The monthly estimate for an SU-loan is, as of January 1st 2022, up to as much as 3.273 kr. and that’s a tax-free amount.
It’s important to keep in mind that you can put your loan on hold if you wish to
Why and why not?
Today, as much as up to 1 in 3 SU-recipient takes out an SU-loan as well. One of these is Anna Dybkjær Smedegaard, who felt compelled to take out an SU-loan to get her financial status in order. She is currently studying for a master’s degree in Danish at the University of Copenhagen and also has a student job on the side.
When asked about her considerations regarding her SU-loan, she talks about the benefits of it: “I know several people who have taken out an SU-loan and have now finished their education. They tell me that they barely feel the repayments. So I pretty much think YOLO, let me live my life. And my bank doesn’t see an issue with me doing it.”
Many people get intimidated by the thought of going into debt at such a young age, but it’s important to keep in mind that you can put your loan on hold if you wish to. If you, for example, have a summer job or something similar, you can “unsubscribe” from your SU-loan during that period. That way, you can minimize your debt, so you don’t end up owing more than what’s good for you once you graduate.
Magnus Bak Klaris, who currently studies physiology at the University of Copenhagen, is one of those who hasn’t taken an SU-loan. His reasoning is that he doesn’t need the extra money. “But its clear that when I’m strapped for cash, I adjust my lifestyle accordingly,” he tells us.
Even though Magnus Bak Klaris has elected not to take out an SU-loan, he doesn’t think it’s a bad idea. “I've always thought it’s been a good backup-plan, being able to take out an SU-loan. I’ve also got the vibe that its nice and affordable and that’s a good thing.”
When the money must be returned
Its important to remember that an SU-loan is a loan just as any other loan, and that means that every dome must be paid back – and that’s with interest! If you want to get out of debt as quickly as possible, you can make a plan for how much you want to do in debt repayments, and how often. If you’d rather have a more set plan, you can get The Agency for Governmental Administration to make a repayment plan. The only set rule is that you must pay off your total debt within 15 years.
