Students who have received a FINEB loan in the years 2004 through 2010 must start paying back this loan from 2013 onwards.
Paying off at once
The starting point is that the student debt must be repaid at once. The full amount must be repaid before the date stated in the letter you receive from RCN-Studiefinanciering. If you repay the entire student debt at once, you do not have to pay interest.
Of course, we are aware that it is not possible for everyone to repay the amount at once. That is why it is possible to request a payment plan. You then pay off your student debt per month. In that case, you have to pay interest on your total student debt. The interest rate is 10% interest per year.
If you cannot repay the entire amount at once, but only part of it then in that case, you do not have to pay interest on that part if you transfer it before the date mentioned in the letter. In addition, the monthly amount of your payment plan will be reduced if you have already paid off part of your student debt.
Consequences of late payment
If you do not apply for a payment plan and you do not repay your student debt (or not in full) 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) and on time, then the amount will be 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.
No repayment on death
If you die, the outstanding student debt will not be collected. This means that your guarantor and your next of kin do not have to pay. The condition is that you have accepted the new conditions.