Managing Your Student Finances in Norway
Plan your budget effectively with this guide to tuition fees, living costs, scholarships, and financial requirements for studying in Norway.
Norway Student Money Guide
Tuition a year for most master's at the University of Oslo (UiO), Norwegian University of Science and Technology (NTNU), University of Bergen (UiB) and Norwegian School of Economics (NHH)
176,300 to 226,000 Norwegian kroner (NOK)
Money Topics
Read each guide for details.
Plan Your Money for Norway
Living in Norway costs a lot. Student housing and cooking at home keep costs down.
Essential Monthly Expenses
A furnished room at Sogn Student Village in Oslo, a month. This price applies until 31 July 2027.
What most students at UiT The Arctic University of Norway, in Tromsø, spend on food a month.
One bus ticket in Tromsø costs about NOK 40 to 50.
Electricity, internet, water and heating are included in the SiO rent.
Banking in Norway
You need a Norwegian ID number to open an account. Book an appointment with the police through UDI right after you arrive. The number comes in a letter from the Norwegian Tax Administration (Skatteetaten) about two weeks after your police appointment.
- Accepts customers with a residence permit and a Norwegian ID number (a national identity number, or a D number).
- You prove your identity at a branch with your passport.
What to Bring to the Bank
- Passport
- Residence permit
- Norwegian ID number (a national identity number if your study permit is for over 9 months, otherwise a D number)
Money Transfer Options
Bank Wire Transfers
Traditional bank-to-bank transfers using SWIFT/BIC codes.
Money Transfer Services
Services like Wise, Remitly, Western Union, and MoneyGram.
Common Payment Methods
Cash
Keep some cash on hand for small purchases and emergency situations. ATMs are widely available.
Smart Financial Tips
Expert advice to help you manage your finances effectively while studying in norway
Budgeting
Plan on NOK 15,488 a month, the 2026-27 amount for living money.
Add tuition, transport, insurance and visa fees as well.
Money Proof
Pay your tuition when the university sends you the bill.
Put the living money in the account your university sets up for this (a deposit account), or in a Norwegian bank account.
Saving
Apply for student housing early.
Cook at home and bring your own lunch.
Work
You can work up to 20 hours a week while classes run, and full-time in holidays.
Everyone who works in Norway needs a tax deduction card. Get it from the Norwegian Tax Administration (Skatteetaten). It is normally ready within five working days (Monday to Friday, not holidays).
Pro Tips for norway
Currency Management
- • Monitor exchange rates and transfer money when rates are favorable
- • Use multi-currency cards to avoid conversion fees
- • Keep some local cash (NOK) for emergencies
Local Financial Culture
- • Learn about local tipping customs and practices
- • Understand tax obligations for international students
- • Explore local student financial support programs
Remember: Financial planning is key to a successful study abroad experience. Start planning early and don't hesitate to seek advice from financial advisors or your university's international student services.
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