VYY to Government: Increasing the level of education requires a comprehensive overhaul of student financial aid!

The Finnish Government, led by Prime Minister Petteri Orpo, aims to restructure student financial aid. The goal is to carry out a comprehensive reform which secures a sufficient level of financial aid for full-time studies, encourages completing a degree in normative time, and improves the security of student loans. Further, the overhaul aims to clarify and ease the implementation of the system.  The working group in charge of preparing the overhaul recently published a report where they evaluate the current state of student financial aid and propose changes for key areas of development.

The working group suggests in their report that student grants be readjusted using index adjustments. They also propose raising the level of grants, increasing the number of months that qualify for a grant, and improving the security of student loans.

“These developments would bring sustainability to the financial aid system, significantly stabilize the income of students, and support completing degrees in a situation where students are the demographic most impacted by the social security cuts”, says Chair of the Executive Board at the Student Union of the University of Vaasa (VYY), Jenni Hiltunen.

Students have become increasingly indebted in the last decade, and cuts to student housing will increase rents. The most recent Finnish Student Health and Wellbeing Survey found that nearly one in four students reports being afraid of running out of food due to a lack of money. Further, almost one in five students says they have  had to compromise on buying medicine in the last twelve months.

The proposal, submitted by the working group from The Ministry of Education and Culture, sends a clear message to the Government: an overhaul of student financial aid is essential. Currently, student income is largely reliant on loans and this development is unsustainable. High levels of debt impact a young adult’s financial situation long after graduation. The Student Union of the University of Vaasa demands that the Government take these development proposals seriously. They must reach the right conclusions to ensure sufficient levels of income during studies and to truly secure the conditions for finishing a degree.

“This comprehensive reform is necessary if they are to reach their goal of raising the number of young adults with a degree in higher education to 50 percent by 2030. The current situation, with cuts impacting students, significantly prevents equal opportunity for applying to higher education”, emphasizes Member of the Executive Board at VYY, Julius Pentti.

For more information

Jenni Hiltunen
Chair of the Executive Board
jenni.hiltunen@vyy.fi
044 324 8965 (phone calls only)

Julius Pentti
Member of the Executive Board
julius.pentti@vyy.fi