To pay for your study and livelihood as a student you can apply for student finance. You do this at the DKjauslo Juaik (DUO).
New bachelor and master students in higher education can borrow money and possibly receive an additional scholarship.
Borrow: how much?
Consider and calculate before you start borrowing if it is really necessary. Borrowing costs you money because you have to repay the loan amount plus interest. The interest rate is always set for 5 years.
It is therefore smart to draw up a budget for yourself. So you see what you need about a month to get by. You do not lend more than necessary. A student loan can be a good investment, but also realize that a study debt can have a significant impact on your budget later on.
Map your income
- basic fair
- supplementary grant
- contribution from your parents
- child support that you receive directly from your parents
- income from a job, your own company, or other additional earnings
- supplements ( health care allowance , rent allowance ) or a benefit
- savings that you withdraw from your savings account each month
In addition, you sometimes also receive extra money (think of holiday pay, extra salary, birthday money, inheritance, tax refund). Try putting that money on a savings account. That prevents you from spending it all immediately. Moreover, you have money behind, for example to save for when you go to rooms, or if you want to go abroad during your studies.
Then you know how much money you need every month to make ends meet.
Are your income and expenses well balanced, then borrowing is not necessary. Can not you get by? Then you have three options:
- See if you can increase your income. For example, work more or ask for supplements that you do not receive yet.
- See if you can lower your expenses. Look at your subscriptions and ‘unnecessary expenses’ or consider going back to your parent (s). You can also choose to buy cheaper versions of your daily groceries.
- Choose to borrow the difference.
Every euro you borrow, you have to pay back later. With interest. As a result, you have less money to spend after your studies. Therefore, only borrow what you really need. Because if you’re getting away from something less, you’ll benefit from that later!
- Doing nice things does not have to cost a lot of money. Be creative.
- Eating together can save a lot of money.
- Do you need (temporarily) less money or do you earn more? Put the loan down or stop. That can easily be done through my duo .
On duo.nl there is a calculation tool with which you can immediately see the consequences of your loan on your student debt. Change the amount you can borrow and you will immediately see how your total debt will change at the end of your study time.
Calculation tool to calculate student finance
Paying will come later
If you have just started studying, you usually do not think about paying back. You assume that you get a good job with enough income. Often that is true. But the repayment amount may be higher than you had thought in advance.
MBO students and students who started a bachelor’s or master’s program before 1 September 2015 will discharge their debt within a maximum of fifteen years. HBO and WO students who have started a bachelor’s or master’s program from the 2015-2016 academic year are given a longer time to pay off their student debt: a maximum of 35 years. It is smart to think carefully whether and how much you want to borrow. Also pay attention to what the loan ultimately costs.