The national social insurance institution-Kela asked the students to voluntarily repay the overpaid student financial aid for 2023 by the end of April to avoid fine, said Kela in a press release on Friday.
If a student does not repay the overpaid financial aid by this timel, Kela will recover 7.5% higher amount than the overpaid money.
Students whose income in 2023 exceeded the annual income limit for student financial aid can voluntarily repay overpaid financial aid.
The overpaid financial aid, study grant and housing supplement, must be repaid at the latest by 30 April 2024.
The annual income limit and the voluntary repayment provision, however, do not apply to the general housing allowance.
“Last year, 26,020 students returned a total of 21.1 million euros voluntarily. We estimate that the amount of repayments will be less this year because the income limits for student financial aid were increased significantly in 2022 and again in 2023,” said Ilpo Lahtinen, Senior Coordinator of Kela's Student Financial Aid Section.
Students whose income exceeds the annual limit and who do not return excess aid will be required to pay back the aid to Kela. In that case, the amount to be repaid is 7.5% higher than when the student repays financial aid voluntarily.
Students who are unsure what their annual income limit for 2023 was can check the limit in the OmaKela e-service (in Finnish or Swedish) or by calling Kela’s customer service. Information on the income limits for 2023 is also available on Kela’s website.
Kela receives information from the Finnish Tax Administration on the incomes in the pre-completed tax returns.
On the basis of this preliminary information, Kela generates a summary in the OmaKela e-service for students who receive student financial aid.
If the preliminary tax information indicates that the student has exceeded the annual income limit, Kela started to notify the student of this via text message or email from the beginning of April.
Kela sends notifications to all students who have given Kela permission to send messages. Permission to send messages can be given in OmaKela.
Source: www.dailyfinland.fi
It is crucial for students to comply with Kela’s request to repay the overpaid financial aid by April to avoid penalties. Failing to do so can result in having to return an even higher amount. It’s important to stay informed and take action promptly to prevent any additional financial burden.
Students really need to make sure they pay back any overpaid financial aid on time to avoid unnecessary fines. It’s important to be aware of the deadlines and follow through with the repayments to avoid any additional hassle.
It’s essential for students to comply with Kela’s repayment request to avoid facing fines. Failing to return the overpaid aid by the deadline will result in having to pay back a higher amount. Students should take this seriously and make sure to meet the repayment deadline to avoid any unnecessary financial burdens.
Will the overpaid financial aid affect the student’s future eligibility for financial aid programs?
Yes, the overpaid financial aid can potentially impact the student’s eligibility for future financial aid programs. It’s important for students to repay any excess aid promptly to avoid any negative consequences on their financial aid status. Kela’s guidelines are clear in ensuring fair distribution of aid among students, so it’s best to abide by their regulations to maintain eligibility for future assistance programs.
Will the fine be waived if the overpaid financial aid is repaid after the deadline?
Unfortunately, the fine will not be waived even if the overpaid financial aid is repaid after the deadline. It is crucial for students to repay the overpaid aid by the end of April to avoid additional fees.
Will students be penalized if they fail to repay the overpaid financial aid by the end of April?
Yes, students will face penalties if they do not repay the overpaid financial aid by the end of April. Kela will recover 7.5% higher amount than the overpaid money from students who do not repay on time.
It’s crucial for students to heed Kela’s warning and repay any overpaid financial aid promptly to avoid facing additional penalties. Let’s not risk being burdened with unnecessary fines due to oversight.
Isn’t it unfair to penalize students for overpaid financial aid when the annual income limits have been changed? Shouldn’t there be more leniency in these cases?
It’s important for students to abide by the given regulations, even if the income limits have been adjusted. Adhering to the repayment deadlines set by Kela is crucial to avoid facing additional fines.