New conditions

To obtain the student loan from FINEB, in the past you signed an agreement in which you agreed to the General Terms and Conditions and FINEB’s Loan Conditions (2004, 2005, LOFO). These conditions were not clear on some points and sometimes ambiguous. Some matters had not yet been worked out, such as the conditions for an appropriate reimbursement scheme. That is why RCN-Studiefinanciering, in consultation with the Minister of Education, Culture and Science and with the Public Entity Bonaire, elaborated on and supplemented the conditions. These are the new conditions. 

In determining the new conditions, the most favourable situation has been chosen for you.

Overview of old and new conditions

In the table below you can see the difference between the old and the new conditions.

Subject

Old conditions

New conditions

Repayment time

The loan must be repaid within six months after completion of the study. If you have stopped your course prematurely, you must have repaid the loan as of the month following the discontinuation of your study. In both cases you should have taken action yourself.

You must start paying back as from the date stated by RCN-Studiefinanciering in the letter you received about your student debt.

Interest

Interest is calculated from the time the loan has to be repaid. The interest calculation is therefore retroactive.

If you repay the student loan before the date stated in the letter from RCN-Studiefinanciering, no interest will be charged.

Repayment period

Depending on the amount of the loan, it must be repaid in a fixed number of months.

If the monthly amount is too high, the repayment term can be extended to a maximum of 10 years.

For (former) LOFO students a shorter repayment term of a maximum of five years applies.

A maximum repayment term of 10 years applies to (former) LOFO students.

Ability to pay measurement

The ability to pay of the debtor and/or the guarantor is not taken into account in the repayment.

An application for an ability to pay measurement can be submitted. When determining the monthly amount, the income is taken into account.

No amount is cancelled.

If the ability to pay calculation shows that the guarantor can also repay less, the difference is cancelled for that calendar year.

Partial cancellation

For students who have studied in the Netherlands, a maximum of $1,118 (NAf 2,000) is cancelled.

For students who have studied in the Netherlands, a maximum of one third of the principal sum is waived. If the maximum deduction of $1,118 is more advantageous, then this deduction is used.

You are eligible for partial cancellation if you have worked on one of the islands of the former Netherlands Antilles within six months of your study.

You are also eligible for partial cancellation if you have worked on one of the islands of the former Netherlands Antilles whether within six months of your study or not.

If you have spent more than the standard duration on your course, then proportionally no amount is cancelled (pro rata).

If you have spent more than the standard duration on your course, then this does not have any negative consequences for the partial cancellation.

If you have worked for less than five years, the cancellation will be proportionate to the number of years worked by you. Not fully worked years do not count towards determining the cancellation.

If you have worked less than five years, the number of months worked will be looked at. This means that even years that have not been worked in full count pro rata to determining the cancellation.

Death

If you die, the outstanding FINEB loan will be collected further from your guarantor or your next of kin.

If you die, the outstanding FINEB loan will not be collected further from your guarantor or your next of kin.

Old conditions

If you are not convinced of the benefits of the new conditions then you can choose to repay under the old conditions. In that case, your student debt will only be collected based on the conditions agreed with you in the past. This means, for example, that if you do not pay off at once, you have to pay interest on your debt with retroactive effect. In that case you will receive notification from us stating how much interest you have to pay.