The Finnish government does not usually fund the stay of foreign students in Finland. The applicant must show that his/her income is secured either with a scholarship, a grant or other funds with which the student can support him- or herself during the academic year.
Students must be able to prove that they have at their disposal at least 560 euros a month or 6720 euros for a year. Before a residence permit can be granted, you must make a bank deposit of 6,000 EUR in a Finnish bank in your own name and this must be renewed each year.
Any student who submits a residence permit application on or after 1.9.2007 must attach details of their comprehensive health insurance cover to their application. Comprehensive insurance cover means insurance which includes the types of treatment and costs that are covered by municipal health care services and the health insurance system. As concerns municipal health care, this mainly refers to costs incurred by examination and treatment at the health care centre or hospital. As concerns the health insurance system, this refers to the costs covered through the health care benefits of health insurance.
Students coming to Finland for at least two years are required to have a private insurance primarily covering the costs of medicines. However, these insurances in practice also cover physicians’ fees and treatment and examination costs, which corresponds to Finnish health insurance practice. Private insurance should therefore in general cover health care costs up to 30,000 euros at minimum (year 2007 cost-level).
A student must have insurance cover when applying for a residence permit as without it a residence permit cannot be granted. The insurance policy taken out by a foreign student studying in Finland must be issued by a reliable and solvent company or institution.
The insurance is important because costs of medical care can be high in Finland. The insurance should cover not only emergency care but also treatment and examination costs.