A finance institution for Norwegian students. The goverment sponsors this
non-profit organisation so students can get low-rent bank loans to finance their studies. Private scholarships are rare in Norway. Most students live off their Lånekassen loan or work on the side. Universities are goverment paid and almost free. Lånekassen is probably the most hated goverment branch in all of
Norway.
Students point out that the interest is only 0.5% lower than a house mortage in a commercial bank. The loan is however, free of all charges and interest until you are finished with your studies.
If you decide to quit studying or fall behind with more than a year, the interest also starts.
For most students, the loan consists of 1/3 scholarship from the goverment and 2/3 loan. The scholarship is based on income, travel distance to your home etc. By accepting the scholarship, you also agree to not earn more that 500 USD (pre-tax) a month. If you do so, the scholarship will be turned into a loan and collected within weeks.