Both those who are still studying and in receipt of a student loan and those who have completed their education will receive an annual statement from Lånekassen.
Here you can find answers to some frequently asked questions about the annual statement.
The information you can find in the annual statement
The annual statement contains a lot of information about your borrowing. The most important information is:
- Your total debt as of 31/12/2024
- How the debt is structured in terms of loan, interest, charges/costs
- How much you have repaid in 2024
- What the payments made covered (instalments, interest, charges/costs)
- Other relevant information
Lånekassen submits this information to the Norwegian Tax Administration at the same time that you receive a copy.
What does the Norwegian Tax Administration use the statement for?
The Norwegian Tax Administration needs the annual statement in order to calculate your taxes. The student loan (loan balance) will be deducted from any assets you hold before any wealth tax is calculated. Interest paid will be deducted from your taxes. You should check that the information about your student loan in the tax return is correct.
What do I get tax deductions for?
You will receive tax deductions for interest paid during the year. You will not receive tax deductions for interest that has been added but not yet paid.
What does interest-bearing interest mean?
After each expiration date, interest is calculated for accrued interest that has not been paid. Interest is also calculated on interest added to the debt during the period from the time at which the loan became interest-bearing after you completed your education until the first expiration date. Interest is also calculated on interest added in periods with repayment deferrals. Interest-bearing interest is interest on which interest is calculated and the amount that is added is referred to as “interest-on-interest”.
The fact that the annual statement will often state that interest paid in the previous year is “interest-bearing interest” does not mean that the amount is interest-on-interest. It simply means that the interest had been moved to the balance for interest-bearing debt at the time at which we received and recognised your payment.