Have you completed your education successfully and started working on Bonaire, Saba, St. Eustatius, Curaçao or St. Maarten? Then you may qualify for a partial cancellation of your student debt. The partial cancellation applies only to the Principal. An additional loan cannot be cancelled.
To qualify for partial cancellation, two conditions apply:
- Diploma: you must have obtained a diploma for the course for which you have received a FINEB loan;
- Employment: you must be working (or have been working) for an island or national government department, a foundation, a public company or in the private sector. You can also qualify for the partial cancellation if you are an independent entrepreneur, on call employee or freelancer.
If you do not meet these two conditions then you are not eligible for a partial cancellation of your student debt.
Amount of cancellation
The maximum amount that can be cancelled is one third of the Principal. For students who have studied in the Netherlands, if in individual cases a maximum deduction of $1,118 is more advantageous, RCN-Studiefinanciering uses this deduction.
Number of months worked
In order to qualify for the maximum cancellation, you must have worked for five years or longer on Bonaire, Saba, St. Eustatius, Curaçao or St. Maarten. If you have worked less than five years (60 months) then the cancellation is proportional to the months you have worked.
Example: You have worked on Saba for 2½ years (30 months) and have received $5,000 in Principal. Then you are entitled to half (30/60) of the maximum cancellation: 30/60*1/3*$5,000 = $833
A number of other rules apply for LOFO students:
- A LOFO student who has worked for five years or more is eligible for a maximum cancellation of 40% of the Principal. Also no interest is calculated on the total loan;
- For a LOFO student who has worked less than five years, the cancellation is proportional to the number of months worked. In that case, interest is calculated on the full loan!
Application for partial cancellation
You can apply for a cancellation using the form Application for partial cancellation FINEB loan. With this form you must send proof that clearly shows in which period(s) you are (were) employed. Examples of proof are copies of the employment contract, statements from your employer and salary slips. You must also enclose a copy of the diploma from the course for which you received the FINEB loan.
If you have not sent sufficient supporting documents for a number of months then RCN-Studiefinanciering will not include these months in the calculation of the cancellation!