There is an old Icelandic proverb that sums up this country's attitude towards education rather beautifully; "Better wise language than well-combed hair". Without even trying, it manages to sum up perfectly the priority put on education here.
The University of Iceland does not charge tuition fees, but the annual registration fee is ISK 75,000. Deadlines and application processes can vary, depending on applicants' citizenships and the type of studies applied for.
EU/EEA/Swiss citizens are not required to obtain a visa but need to register with the local authorities within 90 days of their arrival. Generally, all non-EU/EEA/Swiss citizens must hold a student visa along with a residence permit. The visa has to be obtained before traveling to Iceland. Upon arrival in Iceland, you are able to apply for a residence permit.