Statistics from the Social Insurance Institution Kela show that students in Finland are taking more and more debt to fund their studies.
In 2010 the average master's student finished with debts totalling 6,700 euros, but by 2022 that had grown to 22,600 euros per student.
The rise has been less steep among vocational students (those who attend universities of applied sciences), who had debt averaging 9,100 euros in 2010 and now finish with an average of 17,800 euros.
Nordea's student loan book includes debts averaging 10,500 euros, up from 9,000 euros three years ago. That's a 17 percent rise in three years.
"These are average numbers and individual differences can be bigger," said Jussi Pajala, who heads up Nordea's secured loans division.
Large student debts can affect the ability to secure a mortgage once they finish their studies.
"When loan applications are stress-tested, then that average of an extra 1,500 euros of student debt always weighs heavily unless wages have risen at the same rate," said Pajala.
Stress tests are undertaken to check all income and expenditure and see that funds will be sufficient if interest rates rise to six percent.
Pajala suggests that someone with student debt totalling 30,000 euros who plans to pay it off within ten years will end up paying around 400 euros per month to service and repay the loans.
That has to be taken into account by the bank granting a mortgage to buy a first apartment, and will reduce the funds individuals are able to borrow.
State-guaranteed student debt has been cheap while interest rates were low, but as reference rates rise the cost of servicing and repaying the loans has grown.
Students who are covered by Finland's social security system get a maintenance grant for each month they study, and are also entitled to 650 euros in student loans granted by banks but guaranteed by the state.
In 2017 the government increased the loan entitlement from 400 euros per month, giving students more money to pay for living expenses but drastically increasing their debt burden if they took it.
Once students graduate, the interest rate is generally the 12-month euribor rate plus a margin charged by the bank. The repayment period can be up to 30 years.
Student debt in Finland is generally taken out to cover living expenses. Tuition in Finland is mostly free for students from EU or EEA countries, and those resident in Finland and covered by the social security system.