Payment plan

The amount of the monthly amount that you must repay depends on the amount of your total student debt and the duration of the repayment period. 

Received loan in NAf	Amount of student debt in dollars (ex interest)	Maximum repayment period
< NAf 5,000	< $2,793	2 years
< NAf 10,000	< $5,586	4 years
< NAf 30,000	< $16,759	6 years
< NAf 50,000	< $27,932	8 years
≥ NAf 50,000	≥ $27,932	10 years

Interest

If you repay your student debt via a payment plan, you must pay interest. The interest rate is 10% interest per year. The longer the repayment period lasts, the more interest you will eventually pay.

Apply for a payment plan

In the letter you have received, RCN-Studiefinanciering makes a proposal for a payment plan. The letter contains a Payment Plan FINEB loan application form. With this form, you can apply for the payment plan.

Extra repayments

Have you entered into a payment plan with RCN-Studiefinanciering and do you want to pay more than the fixed monthly amount? Then of course that is possible. You can transfer a higher amount by default each month, but you can also pay an extra amount every now and then. 
The advantage of paying more is that you pay off your debt faster. In the end, you also pay less interest.

Pay on time

RCN-Studiefinanciering must receive the monthly amount before the end of each calendar month at the latest. Make sure you transfer the monthly amount on time. The date on which you transfer the amount is not decisive, but the time when the money is in the account of RCN-Studiefinanciering. There may be one or more day’s difference so keep that in mind when making your payment.
To avoid paying too late, we advise taking out a standing order/direct debit with your bank. You can also transfer the amount as a regular transfer via Internet banking.

Consequences of late payment

If you do not pay the monthly amount, or not in full or too late? Then you will receive a payment reminder for the outstanding amount. You also run the risk that an administration fee of $10 will be charged. If RCN-Studiefinanciering does not receive the amount before the due date then your guarantor is addressed to pay the outstanding amount. 
If the guarantor also does not pay the amount, or not in full or too late, the amount is collected by a bailiff from you (and/or your guarantor). The collection costs, both judicial and extrajudicial, and the costs of legal proceedings are at your expense. Legal interest is calculated on the outstanding amount.
In addition, RCN-Studiefinanciering has the right to terminate the payment plan if you do not meet your payment obligation (in time). In that case, you will have to pay the rest of your student debt at once. Make sure you always pay on time.