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SOLIDARITY FOR 0.2%
The Dutch financial college aid gets slightly more expensive — and still remains a dream for other Europeans
| Noelle Stommel (AMSTERDAM). A new law proposal aiming at the change of a few elements in the financial college aid sector is due to the cabinets’ intentions like the introduction of the college money credit to pay the tuition fees and the time extension of paying back their debts. Starting in the academic year, Dutch students are getting some slack: with their financial college aid they can study anywhere in the world. Under certain conditions they can take the money out of the Netherlands to study abroad. Students will also be able to use a college money credit to pay the tuition fees. After college the repay of college debts will depend on their income and the limit of paying back within 15 years increases to 25 years. Graduated students can take a one-year-break while paying back up to a maximum of five times.
The Dutch cabinet submits for a new interest tariff beginning on September 1st, 2007. This means that students will pay more interest on their loans: 3.9 percent instead of the current 3.7 percent. The interest increase is necessary to cover the expenses of these adjustments which, according to the spokesman of the ministry of Education, should make the system more solidary.
The change of the interest percentage is a structural one. From next study year on, the interest will be based on the state loan with duration of ten years. Right now, the interest is still based on the three till five year duration. Once a year, the interest will be determined; the difference for 2007 has been set on 0.2 percentage points. Due to the current rate, the future interest could lie 0.42 percentage point higher than the current one. Students are appalled about the increase, especially after the extended repay promise. The difference between the two kinds of interest is one percentage point. Students with a loan will pay the extra amount of 330 euros. A spokesman of Education acknowledges the fact that the students averagely have to pay more, but is expecting a smaller average of interest increase. The student leader Sebastiaan den Bak (ISO) doubts the necessity of covering the expenses. The cabinet expects that by the end of the repay duration, more students will get a remit of debt. Whereas den Bak is predicting that there will be less of them.
| read more: intermediairforward.nl | ISO — Interstedelijk Studenten Overleg