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Living as a student can be expensive. Even if you have mastered the student budget, it’s always a bonus to be able to save a little money here and there. You're already forking out a bit of cash on your other living costs. Want to buy some new gym shoes or simply treat yourself to a meal with your friends? Then here’s a list of the 5 best places to get your student discounts from.
Cost: free
Who wouldn't want to sit back and be rewarded automatically for the purchases you make as a student? This is exactly what Woolsocks does; it helps improve your finances by saving money on you spending. While running silently in the background, Woolsocks uses data from your purchases to automatically generate cashbacks, provide you with personalised discounts and suggests smart ways to cut costs.
Cost: Free
There are a number of essentials that every student needs to take care of when living in The Netherlands. For each of these essential categories, College Life has partnered up with leading providers to make your life more simple.
Cost: €12,50
Founded by students for students, Knaek offers student discounts mostly for food but also retail and other products. Knaek can either be used for general deals or per city. To use it, simply sign up for an ID or get an activation code and download the App! A Knaek-ID and activation code is available at the start of each new academic year after July 31st and the codes are valid for one academic year. Get money off your dinner in Amsterdam, your second burger free in Utrecht, or a pizza deal in Maastricht… Sounds good to me!
Cost: free
Finally, there is StudentBeans and UniDays: simply create an account on StudentBeans and UniDays using your student email and it will show you student deals that are available to you. While there may not be as many discount offers on the Dutch versions of StudentBeans and UniDays compared to their UK sites, you can mix and match and use any combination (or all, more is more after all) of these sites to get deals for all the things your heart desires!
You’ve already chosen to study in the Netherlands. You’re also an expert when it comes to housing allowance, health insurance allowance, and all the other things related to student finance. One more thing to add to your list: debit cards. We are here to help you with all things bank-related and in this case, tell you all about debit cards. Maybe you have one already and are looking for a better deal on one in the Netherlands or you’ve never owned one before. Don’t worry, we cater to everyone! We have all the basics you need to know about debit cards and know the best place to get one.
Both debit and credit cards are little plastic rectangles that are linked to your bank account. Sarcasm aside, debit cards differ from credit cards in that you can only spend the amount of money you have in your bank account. If you’ve loaded €100 into your account, you can only withdraw or use €100 or less. Debit cards don’t increase your debt like credit cards.
In short, you’re spending your own money with debit rather than borrowing money with credit.
You can use debit cards in most places where you can use a credit card. That includes restaurants and stores. Sometimes, you will be asked if you want to use debit or credit. You simply swipe your card, put in your PIN, and you’re done! Moreover, most online stores allow you to use debit cards as well. Just remember to make sure that the platform you are paying on is safe. Check for a green lock before the URL because you don’t want your information to be stolen! What’s more, you can use a debit card to withdraw cash. Debit cards are great if you are on a mission to become better at budgeting. Other than your handy budgeting journal, with a debit card you have a limit that you have to be able to manage. A debit card isn’t as flexible as a credit card. You spend what you have.
A first option that you should definitely consider is Bunq. They offer both credit and debit cards as well as a multitude of possibilities ranging from sharing accounts with your roommates to opening up to ten separate accounts and more! All of this can be done through your smartphone. Read more about Bunq and its advantages in our article "bunq, what’s that? Easy banking explained to you".
A great place to get a debit card as a student is at ABN AMRO. They have a special package exclusively for international students coming to study in the Netherlands. With the ABN AMRO International Student Package, you can get an account and a debit card as well as day-to-day national and international banking and internet banking. For free, you can also get an Internet Savings Account and an Internet Quarterly Savings Account. This is great since this package is paperless which means that all your bank statements come to you by email or through internet banking. This means you can access and manage your account online. Plus, you are also able to apply for insurances for your household, accidents, and even health insurance! This is all available to foreign, non-Dutch students between the ages of 18 and 30.
Prepaid debit cards for students are similar to prepaid phones. You load money onto a card, which is then used like a normal debit card. It’s a reloadable debit card of sorts. To do this, you might either do it when you buy the card or maybe after. With certain pre-paid cards, you can load more money on to it over and over again, not just once. Like debit cards, you can only spend the money you have loaded on your card; just like a pre-paid phone.
But why use a prepaid card? Well, they are a good alternative because you don’t need credit; a lot of students haven’t had the chance to build up their credit, so they can't qualify for a credit card. However, using a debit card is the same deal; you don’t need credit, and you have a bank account you can access as easy as pie whenever you need it. Useful, right?
Simple, wouldn't you say? Debit cards are great if you are using your own bank account for the first time, or just to manage your money faster and easier. With the Student Package, you are sure to get the best deal and the best rewards. What are you waiting for? Go out there and get yourself a debit card!
What are your experiences with debit cards? Leave a comment!
As a student, balancing your money can be one of the hardest things to learn, keep on doing, and do well. Living alone for the first time can lead to countless late-night cramming sessions with a trusty double-cheese pizza or one-too-many beers out with your friends to procrastinate instead of writing your paper (Don’t lie. You know you’ve done it.) Not to mention those expensive study-guides and textbooks that get you through your exams and cost you a (small) fortune. For some people, remembering their income and what they spend their money on just like that is easy. For some, it’s a bit trickier. One of the best and most fool-proof ways of sticking with your budget is keeping a budgeting journal. It’s all in one place, easy to reach for, and easy to make.
Whether you add this to your notes on your phone or use a notebook just for budgeting, here’s a really simple guide on how to create a budgeting journal and steps to make you the ultimate budgeting mastermind!
Since you'll likely be updating your expenses nearly everyday, try to invest in a sturdy and long-lasting budgeting journal, like Jofelo Leather Journals. This may be a bit pricy but it'll save you in the long run.
First of all, a company like Jofelo offers refillable journals. This means that after completing your budgeting period, whether it be a quarter or a year, you can remove the pages and start a new journal. Second, imagine recording half a year of expenses then having your journal break. How fun do you think transferring all of your expenses into another journal? It's not, trust me. Jofelo, for example, uses sturdy leather to ensure your journal never lets you down so you can continue to budget happily.
Okay, first things first: do you want to track your income monthly or weekly? Normally, monthly is easier since income usually comes in the form of some kind of monthly payment (but it’s your choice: whatever is easier for you). If you choose weekly, you will need to repeat these steps approximately four times (for the four weeks in a month). If you choose monthly, you only have to do it once.
Do you work or receive a fixed amount of money each month/week? Use that as your guideline and note down this amount.
If you pay rent, utilities, or any other fixed expenses these should be subtracted from your income directly so that you can see how much of your income you can actually spend on other things like food or stuff you do in your free time.
Now how much is left of your income?
You might want to set aside a certain amount of money for things like food, textbooks, or a nice trip to Barcelona (if you save your money right). Then, you might have an amount left over to spend on other, maybe more unplanned or random, things.
Obviously, it’s not always easy to say you have, for example, 150 euros to spend on buying groceries, since you don’t always know if you can spend exactly 150 or less every single month. But that’s why you should assign a reasonable amount of money to food shopping (don’t think you can spend only 20 euros a month on food, when you clearly can’t). Also, if you have enough money set aside for your ‘unplanned or random things’, you can always use up that cash for other necessities.
Still with me? Okay, awesome, on to the next step!
This is where the commitment gets super serious. What did you buy, when did you buy it, and how much did it cost? This can take a while to get used to since a) it means you need to remember what you bought or keep all your receipts and b) do it every day!
There are tons of ways to save money like making your lunches at home. So while you are tracking what you buy you can try to save as much as is reasonable!
Can you handle it? Of course you can!
Now obviously the above is just an example. You have to tailor it to your personal spending habits. But what matters is that this simple budgeting plan is quick and effective. Most importantly, it physically shows you your expenses! Yeah, it may take a few days to get the hang of it and remember to log your daily purchases in your budgeting journal but it’s worth it. It also definitely takes you on a guilt trip if you have to log all those previously mentioned calls to Domino’s Pizza…
Do you know Elle Woods, the rich darling of Harvard Law School in the movie 'Legally Blonde'? If you don't, she comes from a rich family and isn't exactly short of money. The point is that there are not many Elle Woods in college... For low-income students, there must be some sort of help available, right? Of course, there is. Especially when it comes to taking some of the load off your financial burdens. You can choose from applying for student finance, allowances, or maybe even a scholarship. Here are 4 saving graces for low-income students - follow these, and you won't go broke.
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Student finance is designed to help students with the payment of their tuition fees. DUO, or the Dutch Ministry of Education, is responsible for providing student finance or studiefinanciering in Dutch. There are four parts to Dutch student finance but be aware that you might not qualify for all of them!
There are also specific requirements you need to meet in order to apply for student finance. You must either be an EU national or have the same rights as a Dutch national. This depends on the sort of residence permit or citizenship you have. You also have to be registered for a full-time degree or program at a higher education institution. There are a bunch of other requirements that you can read about here.
Depending on which fee you pay (statutory or institutional), there is a maximum of student finance that you can receive each month to help with your tuition fees. You must pay back this loan after your studies!
If you meet the nationality requirements, and work 56 hours per month for an employer based in The Netherlands, you might be eligible for the regular loan. The maximum amount you can borrow depends on whether you live with your parents or not, so make sure to review the most up-to-date information published on DUO. In the meantime, you can apply for student jobs that allow you to get the required 56 hours per month, such as being a courier at Just Eat Takeaway.
Your eligibility for this loan depends on the income of your parents. Their income must be lower than €50.000 per year. This loan is a gift, meaning you don't need to pay it back. Last year, the maximum was €386.08 per month. You can use DUO's calculator to see if you fall within the range of the supplementary grant.
Lastly, there is the student travel product. You can basically travel with a discount or free with Dutch public transport. Choose to travel for free on the weekdays or the weekends and if you graduate within 10 years you don't need to pay it back! Just remember to cancel it once your student finance has ended...
Want to find out if you meet the criteria? Read about the requirements.
An alternative to student finance is a scholarship. There are many scholarships both for EU and non-EU students. For example, the NN Future Matters scholarship is for EU students (and more) who wish to study for a Master's degree in the Netherlands. Or, something like Erasmus + if you are thinking of taking a semester abroad.
There are also extensive options for non-EU students. For example, there is the Holland Scholarship. This is a scholarship for non-EEA students wanting to study for a full-time Bachelor or Master's degree in the Netherlands. Or, the Sino-Dutch Scholarship, which is targeted at excellent Chinese students who want to do a research year in the Netherlands.
Each scholarship has its own set of requirements and you can also see which Dutch universities participate in their programmes. Just have a look at our Student Finance guide for more information in scholarships!
Though healthcare is essential, we all know paying for it is not exactly cheap. Even if you get basic coverage, for example, which you need if you are going to be working during your studies, the bills can still pile up each month. Luckily, if you fall under the allowance threshold, you are eligible to apply for healthcare allowance. The government provides low-income students with a monthly sum to help with their monthly health insurance payments. How much you get depends on your personal level of income.
You can qualify for healthcare allowance if you pay for any sort of basic Dutch public health insurance. You also have to study in the Netherlands and be 30 years old or younger. Or, you must study in the Netherlands and have an internship (or similar job situation) with a monthly income. Also, you have to know whether you have a toeslagpartner or not. Confused about what that is? It's an allowance partner of sorts. Read this post to understand more. You can also read more about health insurance allowance in more detail here.
Much like healthcare allowance, housing allowance is a monthly contribution to your rent. It functions in a similar manner as healthcare allowance. However, there are a few more requirements. You have to meet general qualifications, like being older than 18 and have a BSN number. Your income must also be below a given threshold and your rental payments need to be of a certain amount. Additionally, you have to live in an independent property. That means you have to have your own front door... so an apartment or house, for instance.
Applying for housing allowance also requires you to know whether you have a toeslagpartner or not. You can read more about housing allowance, as well as how to apply, on the Housing Allowance page.
In conclusion, there are a few structures in place to help low-income students with their financial burdens. You could apply for student finance, get a scholarship, and even apply for benefits for your insurance or rent. College Life also wants to help you get your finances in order. That's why we have a Student Finance guide for you to read!
College undoubtedly is one of the most exciting times in a person’s life. You make new friends, pursue your goals and learn something new every day. However, it’s also a time when one way or another you flirt with going broke as a student. Everyone knows the college student stereotype - no money, always hungry, living on noodles and toast. But just because you’re in college doesn’t mean you have to be broke.
Here are the top 7 ways how to avoid being a broke college student.
First of all, always look out for to do even if you have no money. Does your university offer free activities and entertainment for students? Is there a gym or a football team you can join? Or guest lectures and art exhibitions you can attend for free? And it goes beyond the free activities. You can also get your food for free if there are food sharing initiatives in your city (such as Food Sharing Maastricht). So do your research. Make sure you’re aware of what you can get without going broke in college and take advantage of that.
Make sure you haven’t lost your student ID because it’s pure gold. It can get you many discounts and deals in a wide variety of places. We’re talking cheap movie tickets, reduced prices in restaurants and even more affordable clothes and technology. If you have no money, spend some time on these websites to learn about all the discounts you can get just because you’re a student.
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If there’s something that can help you get out of your financial trouble it’s living within your means. If you have no money for it, don’t get it. Stick to the essentials like rent and food and avoid crazy shopping sprees - for example, you can plan out your spending & simultaneously avoid waste by using Hellofresh. In addition, sticking with like-minded people can be extremely helpful to save money and live a lean lifestyle. Spend your time with other broke college students. This way you won’t be tempted to live a lifestyle you cannot afford.
As a low-income student, you can save some money by applying for healthcare and housing allowances. In short, the housing allowance is a monthly contribution to your rent, while the healthcare allowance is a contribution to your monthly health insurance bill. You can receive even more than 5 000 EUR per year from the Dutch government in those allowances. So don’t miss your chance and apply for them using our healthcare and housing allowance tools. These tools will help you calculate the estimated amount of the allowance, apply for it and get your application checked by certified accountants. Ultimately, if you meet the requirements, you’ll receive the allowance every month.
Looking for affordable health insurance? Swisscare Student Insurance covers your medical emergencies and provides you with 24/7 assistance within the EU/EEA and Switzerland.
Start budgeting and it will save your ass. And it's not complicated at all. Just figure out how much money you are getting and how much you’re spending (don’t forget to count in your bills and living expenses). Try to keep track of your student budget. Knowing how much you spend on what will help you understand where you have to make some cutbacks. Basically, if you don’t spend more than you earn, you’ll be safe from becoming a broke college student.
Finally, you can save all you want but the only way to have more money is to make more money. Of course, you shouldn’t sacrifice your studies for some extra cash, but a part-time job can be an important part of your overall college experience. By working next to your studies you can make not only money but some great friends too. And you will be more responsible with the money you have earned on your own. Are you convinced? Check out the jobs for international students on our global career platform.
Have you been broke yourself? Connect with us and tell about your experience!
Let's get straight to the point: you're probably wondering, what is bunq? Simply put, it is a new app which will make easy banking possible for all you students and new graduates out there. In order to combat your growing skepticism, we've broken down the reasons why bunq is as great as it is. Here at College Life, we always keep it 100 percent real!
Before we can get into all the details and crazy features this easy banking app has to offer, we should start by explaining what it is. Bunq was founded in 2015 by its CEO Ali Niknam (That's him up there) and is a true Dutch invention. With its headquarters in Amsterdam and about 100 people working for the firm, it is safe to assume that bunq is already quite a big deal.
Simply put, bunq is a banking app which allows you to have total control over your money through your phone. You will no longer have to go through one million steps and wait for hours in the waiting room of some bank. You can simply transfer, pay, order your card and much more through this one, simple app. For young adults who crave efficiency, this sounds like a dream come true.
So you may have read "easy banking" about four times by now but what do we mean by that? As mentioned before, everything can be done through the app. And when we mean everything, we actually mean every thing. Not only can you create an account through the app and sign up for all the features, you can even order your cards without having to leave the comfort of your home.
Bunq is ideal because you can set up your account in just 5 minutes. No hassle and no long administrative processes. First, the app will ask you to provide basic information such as an email address and your first and last name. Moving on, it will ask you to agree with the terms and conditions and provide a phone number to which they can text a security code. Even better, bunq doesn't require you to have a BSN when making an account. You can still add that up to 90 days after creating your bunq account, which is incredibly handy when you've just moved to the Netherlands. This means you can already start organizing your money, savings, and payments without having to wait for your BSN from the government. See? Easy banking at its finest.
Moreover, you will be able to set up not just one or two, but 25 accounts (included in premium membership) for any utility. This will allow you to easily have an overview of your expenses over for example, utilities (electricity, water, gas etc.), clothes shopping, groceries, rent and more. No more calculating with pen and paper, bunq has the answer for you!
On top of being able to manage your accounts and set everything up through the app, you are now able to open as many joint accounts as you want with as many as 10 people in each. Imagine this: you live in a student house with about nine other fellow students. You would like to easily sort out things such as rent and groceries. You can new set up a specific account on bunq titled "groceries" and add your nine other housemates. Everyone will be able to send money to the account and make transactions. You'll never be late for your rent again.
A big feature we all consider when thinking about placing our money somewhere is safety. The last thing you would want is to wake up one day and notice that your hard-earned money has disappeared. Bunq thought this all through and came up with some game changers.
First, you no longer have to think about hiding your CVC code if your card ever gets stolen. Your card no longer has one! bunq removed the CVC code from its cards and placed it in your app. This ensures no one else could have access to it but you. You can then decide to have a CVC code that changes every five minutes or remains unchanged.
Another added value of bunq: not a single penny of your money is used for shady investments. Unlike other banks, bunq does not touch your money in order to invest it left and right. Everything in your accounts remains there, safe and sound.
Still wondering how bunq is different from your current bank? Here's a list of some extra features:
Would you like to give bunq a try after reading this honest breakdown of the service? Make sure to hit up bunq's website and give it a try, today!
Make sure to stay tuned for more articles on bunq, ranging from honest reviews by users, an interview with bunq and many more!
In the meantime, if you can't get enough of College Life, make sure to check out our magazine and read up on interesting topics such as housing, career and much more.
For this article, we compiled a list comparing alternative banking options with traditional ones! This may be interesting for the bunch of new college students or graduates amongst you! We already touched upon this subject in another article where we broke down what bunq is and how it could benefit every student or young graduate out there. In this article, we'll show you how well bunq compares to old-fashioned banking services and its competitors.
Keep on reading to find out how you can best manage your finances!
In case you are new here, in the Netherlands, there are a bunch of established traditional banking services. Much like any other country, these banks have a lot to offer but mostly to already established professionals. For daring, young spirits, these banks might be a bit outdated. Don't worry! There's something for everyone here in the Netherlands! You might want to try alternative finance.
Our first big guy is ABN-AMRO. In general, what they offer is pretty straightforward: no big surprises but also no crazy fancy features. For example, one account will cost you approx. 1,55 euros per month and comes with one card. If you would like to have up to five accounts with two cards, one of which can be a credit card, you have to pay a monthly fee of 3.40 euros. It's pretty decent and budget-friendly. However, the one setback is that you sometimes need an e.dentifier box in order to pay using iDeal. Could be better if you're asking me!
ING is a very well-known Dutch bank recognizable through its orange lion. Very present in the Netherlands and a household name here, you cannot really go wrong with this one. There aren't that many crazy features to begin with. You can do your normal transfers through your banking app or on your web browser, you can use iDeal, and you can easily transfer from one bank account to another.
A major advantage with ING is that your first account is completely free! Of course, you still need a BSN number so do not forget to do all your paperwork at the Stadhuis first!
Like the aforementioned banks, Rabobank offers quite similar services. However, compared to ABN-AMRO, Rabobank offers you the possibility to pay with iDeal through a QR-code which eliminates the annoying hardware terminal. Concerning its rates, given that they are an internet bank, they do not add any fees for opening up an account. However, you are limited to one savings account per person and combined with another person, you could potentially have up to three accounts.
Concerning the banking app on your phone, you are quite limited in the amount of accounts you can have. You can only open a joint account with one more person, as mentioned earlier!
Now, if you aren't really convinced by the three traditional banks we've just mentioned, do not worry. There's an alternative to everything! For those who want the convenience of not having to leave their house in order to create and maintain their accounts then keep on reading!
bunq is very much one of the easiest alternative banking solutions to date. An overview of its benefits and services can be found in our detailed article on easy banking. Some features which distinguish bunq from the rest are the ability to open up as many shared accounts as you want with up to 10 people in each account, everything can be done through the mobile app, and the fact that it has a great internal policy of transparency!
Very similar to bunq, N-26 is also an internet-based, alternative banking service. No administrative paperwork, offices, or a billion people you have to talk to, just the app. They offer both Maestro and Mastercard and have a network all over the globe. They also offer very secure safety features such as face recognition (for the phones that support it) and touch ID. Moreover, they allow you to change your daily withdrawal limits and other limits all through the app. However, their biggest shortcoming (unlike bunq) is the fact that they do not offer iDeal, which could be rather inconvenient in the Netherlands.
Well, after reading all these options, it's now time for you to decide where you trust to leave your money! Do you trust the old guys more or are you ready to take a new step in the direction of innovation and technology? Whatever you decide, let yourself be inspired by this article but make sure to do your own extensive research as well! And for all the new students, good luck with prepping for a new semester. It's going to be a wild one!
You're done reading this article and you can't get enough of College Life? Then make sure to hit up our magazine page if you want to get more valuable tips and advice!
As students, sometimes our taste can’t quite keep up with our budget and we’re left with the impossible choice of getting that new pair of Filas or an overpriced textbook. Though most of the time our choices aren’t that drastic, clothing does take up an unnecessarily big part of our student budget. Going to thrift stores is an easy solution to that problem. Here’s how to change up your clothes without creating a huge dent in your wallet.
Owning second-hand or pre-owned clothing has quite recently come back into style, with vintage pieces becoming staples and defining aesthetics. For those who like to pay attention to the things they wear, thrifting is a great creative outlet as it guarantees originality and one of a kind items. Instead of vintage-inspired, you get authentic vintage! Thrift stores regularly change their stock and rarely, if ever, have the same clothes cycle.
Beyond allowing for some extra creativity, second-hand clothes significantly reduce waste and counterbalance the negative effect fashion has on the environment. Clothes in second-hand stores don’t go to landfills: by recycling clothing, you eliminate waste. Most stores selling second-hand clothing are also affiliated with charities and organizations. Not only is it an environmental gesture but it’s also a social one.
If you still need some convincing, just think about the ethical ramifications of fast fashion. Chain stores exploit workers in developing nations, enforcing long hours with miserable pay and most often denying them basic rights like unionization. Choosing to step out of the constant cycle of consumption is partially taking a stand against the ethos of those companies.
In general, there are three types of thrift stores: high-end boutiques, vintage stores, and charity or thrift shops.
Boutique vintage stores like Bobby Pin Boutique Vintage in Rotterdam or Vijzel Vintage in Amsterdam offer authentic vintage clothing. These types of stores specialize in vintage pieces and offer a highly curated shopping experience. More often than not, they have a selection of vintage designer clothing, as well-conserved as it is timeless. Though pretty expensive and not necessarily the student-budget friendly, highly curated vintage boutiques are great for finding clothes you can invest in or original presents for special occasions.
General vintage stores like Vintage Island which has stores in Leiden, Haarlem and Den Haag among others, are a more modern take on vintage clothing, offering genuine vintage clothing but often catered to a more hip crowd. Most vintage stores have some degree of curation. They tend to offer a selection of clothing that fits into the aesthetic narrative they’ve envisioned. These stores don’t just sell anything that’s given to them, but rather select the pieces they put on display. Vintage stores are a great place to go when you’re looking for a sustainable alternative to fast fashion trends. The prices are generally the same and the quality of the clothing is noticeably better.
Charity shops are, as suggested by their name, affiliated with a charity. Thrift shops are the stereotypical conception of a second-hand store. These stores focus on recycling used clothing more than curating to a certain type of clientele. Thrift stores are often called Kringloops here in the Netherlands. They sell a variety of used goods from clothing to furniture. Don’t expect neatly categorized shelves or perfectly arranged piles and be ready to rummage. Thrift stores are the best bang for your buck, though you’ll have to carefully inspect clothing for any damage or stains you won’t be able to fix. It’s not uncommon to find clothing that still has its tags. The best deals and greatest finds are often in thrift stores.
Don’t forget to check out your local market! Some vendors will have second-hand or vintage clothing in their stalls. It’s a great way to find a vintage item that isn’t too overpriced.
Technology has led to a wave of transformations which has also affected finding second-hand clothing. Apps like United Wardrobe or Depop are widely used in the Netherlands for buying and selling anything from vintage clothing to designer pieces to newly bought pants that don’t fit. If you’re not a fan of trying on clothes in a musty shop, some stores have a website where you can order their items online.
Whether you're looking for a rare high-end garment or just another pair of jeans, think about opting for the second-hand version. Second-hand shopping is not only budget-friendly but is also a significant gesture for the planet as well as local businesses. No man is an island so why not transform shopping, something incredibly inane, into something meaningful.
One of the most popular reasons that students from around the world choose to study in the Netherlands is because of the relatively low tuition fees. Of course, ‘low’ is in comparison to other countries with courses in English. Compared to places like the US or the UK, Dutch tuition is pretty reasonable. In England, you might expect to pay a tuition fee of £9,250 a year, whereas in the Netherlands you would pay €2,087 (or around £1,854, as we are writing this). If that doesn’t impress you, we don’t know what will. Welcome to Tuition Fees 101, a class where you’ll learn all you need to know about studying in the Netherlands!
Dutch university fees can be split into two categories: statutory and institutional fees. But what exactly does that mean? If you are a Dutch or EU/EEA national, you normally pay the statutory fee. However, there are some exceptions to this rule. For example, if you already have an HBO or university bachelor/master’s degree from a Dutch university, you might need to pay the institutional fee. The same goes for if you are registering for two degrees at the same time. But, that being said, this varies within different programs and universities.
As if that wasn't enough, those eligible for the statutory fee have a reduced tuition fee for the first year of their bachelor's degree. That means that you'll only be paying €1,043 instead of €2,087!
The institutional fee, on the other hand, is normally paid by international students from outside the EU/EEA. The difference between the statutory and institutional fees is that the institutional fee is higher. More on that below!
One of the most important topics with regards to tuition is figuring out how you will transfer the initial amount. The total first amount you will transfer will depend on the interval you opt-in for (e.g. monthly, bi-monthly or a yearly installment). Now, no matter the amount, it's important to keep in mind that traditional banks will take 3-5 days to transfer your amount and can charge substantial transaction & currency conversion fees (even some that might be hidden). When using XE, you won't drop a sweat when sending your first tuition payment. Not only will your transfer be completed quickly, you will also be charged only a small fee and have a complete overview of all costs upfront.
Like in most countries, the amount of tuition fees you pay depends on your nationality. In this case, there’s a difference if you are from the EU/EEA or not. In 2019/20 the tuition fees for a student studying for a bachelor's degree with an EU/EEA nationality will be around €2,087 per academic year in most academic institutions. Whereas if you are an international, i.e. not from the EU/EEA, the tuition fees are around or over €8,000. This amount might change a bit every year, but should be around that price. This difference exists because EU fees are subsidized by the government, whereas fees for non-EU students aren’t. Private universities and university colleges might have higher tuition fees. For master's or PhD degrees, tuition fees are higher, as well as for degrees within medicine.
In Holland, you can pay in one of two ways. Nice, right? In most universities, you have the choice to pay the full tuition fee upfront in one go, or in installments. This might soothe your soul if you are worried about having the complete fee at the start of the year or can’t pay upfront. This also means you can apply for student financing at the start of the term! Usually, this is all done through direct debit, though you might be offered other choices depending on your personal situation or the amount of tuition you pay.
Did someone mention student finance? Yes, as a student in the Netherlands you can apply for student financing to help cover your tuition fees! If you are an EU/EEA student and pay the statutory fee, you can receive student financing to cover your tuition costs. The same goes for international students from outside the EU paying institutional fees. To receive student financing, you have to meet certain criteria and fit the requirements. You might also be able to apply for the supplementary grant, which depends on your parents' income. And, as icing on top of the cake, each student that receives student finance can also get the student travel product. What that translates to is free public transport throughout Holland! Student finance definitely has its benefits…
After all this talk about Dutch tuition fees, you might be wondering, ‘where does all my money go?' When you step off the plane for the first time and make your way to your new home, you won’t have to look far to find the answer. Dutch universities have been praised for their modern and innovative educational approach, as well as their up-to-date facilities. This means that tech, teaching materials, and even buildings are shiny and new, just for you. Dutch universities also place heavy interest in group work. You’ll notice a lot of rooms for individual or group study!
Your lesson on tuition fees has now come to an end, but don’t forget to review your notes! With these 5 nuggets of wisdom, you are sure to become a tuition fee expert in no time. Now get to studying…
Do you have any more essential knowledge about tuition fees? Let us know in the comments!
Adulting. How hard can it be, right? After all, nothing feels better than being independent, especially in managing the different aspects of your life and making financial decisions. Well, adulthood certainly has its own charms, until you find out the hard way that a lot of decisions, especially financial ones (e.g. dealing with credit scores), can pave the way on how your life is going to be in the next few decades.
This is the reason why when it comes to building a perfect credit score, one can never start too early. And in this article, we are going to share with you some tips on how to do just that.
Before we dive into the specific strategies you should utilize to achieve a perfect credit score, let's define what a credit score is. A credit score is number ranging from 300-850 that defines your creditworthiness. The higher the credit score, the more attractive you are to someone who you'd like to borrow money from. Your credit score is calculated through your credit history.
Although there are no credit scores in the Netherlands, it's important to learn about this term if you're planning to move to any country where credit scores are used.
The best way to start building your credit score is to apply to get credit, get approved, and prove your capacity and responsibility in paying one. The process might not be as simple as before, however, that leads most students to opt for personal loans for fair credit or no credit score at all. To curb debt issues, financial institutions are now focusing on offering debit cards in campuses instead. If you choose to still go and apply for a credit card, though, we suggest researching your options thoroughly and get the card that offers the largest amount of benefits, such as the lowest interest rates, realistic credit limits, transparent billing policies, and no annual fees (if possible).
With great purchasing powers come great responsibility. This is the reason why we recommend using your credit card for small purchases for now, especially since you’re still learning how to determine good debt from bad debt. This way, monthly payments will be easier to handle. For unplanned or emergency expenses, you’re probably better off applying for personal loans for bad credit since they offer more flexible payment terms and lower interest rates that credit cards.
It’s not enough that you keep your monthly credit card and loan payments small and manageable. You should pay careful attention to their due dates too and make your payments to your bank on time. We suggest making your payments a couple of days before their actual due date and scheduling them on your phone’s calendar so that you will be regularly notified.
Here’s a pro tip: If possible, we recommend paying your bills twice a month rather than monthly. This doesn’t just make higher bills easier to pay, but it also lowers your credit utilization and help further improve your credit score.
Doing so will reflect negatively on your credit score. If by any chance you do find yourself with a surplus of unused credit card accounts and want to close some of them, then know that your credit score favors credit history. The longer that the account exists, the better it will reflect on your report. Hence, opt to close newer accounts over old ones.
There are different debt settlement strategies. The two most popularly used are the debt snowball and debt avalanche methods. The debt snowball method suggests for you to pay your debt according to its amount, starting from the smallest to the highest. This gives you a sense of achievement from the get-go and the motivation you need to pay off other existing loans. The debt avalanche method meanwhile suggests for you to pay your debt according to their interest rates saving you from additional expenses in the long run. Choose the method that best fits your personality, needs, and preferences.
Another way to boost your credit score is to diversify your credit accounts. Don’t just focus on maintaining your credit card. If financially possible, apply for a mortgage and a car loan as well, to give your report a healthy “credit mix”. For example, purchasing a family car can be a good idea, but it’s important to note, though, that you must only do this if you are capable of paying for all of them. Otherwise, this can backfire and pull your credit score down.
Finally, review your credit report regularly to check for erroneous records. You see, financial institutions can make mistakes too. There might be outdated accounts, overdue payments, and other inaccurate items on your credit report that can drag it down for years without you even noticing. If you do find a questionable entry, then be sure to dispute it immediately to get these entries out of the way.
It’s not that easy to build a credit score, but it’s definitely easier to start with an empty canvas rather than spend years of rebuilding an existing bad score. By keeping the tips that we have shared with you in mind, we’re sure that you will be able to start your journey on financial independence on the right path.
Did we leave out any crucial tips on building a credit score? Let us know in the comment section below!
