Icelandic Student Loan Fund - Icelandic Loans

What the Icelandic Student Loan Fund offers

You will receive a repayable student loan for your studies abroad. This will cover both your living costs and your tuition fees. This is a loan, not a grant, so you will need to repay it once you have completed your studies. It is administered by the Icelandic Student Loan Fund (Menntasjodur namsmanna), the state agency responsible for student finance in Iceland. The portion covering living costs corresponds to the rate paid for studying in Iceland. In certain countries or cities where the cost of living is significantly higher, you will also receive a supplement (stadaruppbot). You can take out the loan for up to 5 years if your studies are progressing well, or for a total of up to 10 years if you go on to do postgraduate studies. Additional loans are available to cover costs such as health insurance.

Who can apply

• Where you study: You are studying abroad at a higher education institution whose requirements are equivalent to those of the Icelandic higher education system.
• Full-time study: Your degree programme is a full-time programme and comprises 60 ECTS per year or at least 30 ECTS per semester if it lasts for less than a year. ECTS are the European Credit Transfer System credits; 60 ECTS correspond to a standard full academic year.
• Field of study: Any topic is fine.
• Ties to Iceland: You have lived in Iceland for at least two of the last five years prior to commencing your studies and have close ties to Icelandic society. If you are a national of an EEA or EFTA country (or a family member of such a person) and are studying within the EEA/EFTA, these residence rules do not apply to you.
• Nationality: Primarily for Icelandic citizens, but in some cases foreign nationals may also meet the requirements.
• No double funding: You may not receive student finance or a scholarship from another country at the same time.
• Reliable borrower: You are of legal age and are considered a reliable borrower, as this is a loan.

How to apply

You apply for the loan directly online via the Mitt-Lan portal (mittlan.is) to the Icelandic Student Loan Fund, not through your university. The application period for the academic year 2026–2027 is now open. Once you have submitted your application, the Fund will ask you to upload proof of enrolment and, where applicable, proof of your tuition fees.

How realistic are your chances?

This is a loan available to anyone who meets the fund’s criteria – it is not a competitive award with a fixed number of places. You do not need to compete against other applicants. If you are studying full-time abroad and meet the residence and academic performance criteria, you can expect to receive the loan. However, please bear in mind that you will have to repay the money later; you should therefore regard it as a loan rather than a grant.