Apply for student credit and DUO student loan

Students will also need money in 2022, because studying is expensive. Housing costs are also high. In order to make ends meet as a student, many students opt for a student loan, student payment limit or extra student loan. How do you take out a loan as a student, how much can you apply for and how much can you borrow? Calculate what you can borrow from the DUO. Under the new study system, you can earn extra money without any problems during your studies.

borrow money as a student

  • Students are allowed to have extra overdrafts at the bank
  • Example ABN AMRO student payment limit
  • How to borrow from DUO in 2022?
  • Advantages and disadvantages of the student loan
  • Apply for the tuition fee loan
  • Capacity assessment and student debt cancellation
  • Part-time job as a student
  • Banking for students at the ING bank, student credit
  • Borrow from your parents
  • Finally study in 2022

Students are allowed to have extra overdrafts at the bank

At quite a few banks, students can make special agreements with the bank about overdrafts on their accounts up to a so-called student limit. The condition is often that you must receive student financing and be younger than 35 years old. You must demonstrate that you are following an MBO course or a HBO or WO study. Logical, because you have to be a student. However, a home study is not covered by this scheme. The more results you achieve during your studies, the more you can often borrow. To do this, go to a bank and make agreements about how much you can overdraw or borrow as a student. You can overdraw up to approximately 1,500 on a student account. On a normal account this is often no more than 1000. The interest you pay is also lower than if a non-student’s account is overdrawn.

Example ABN AMRO student payment limit

At ABN AMRO you agree with the bank how much you can overdraw. You can think of:

  • MBO students: 500;
  • higher professional education students: 1,000;
  • university students: 1,500.

How to borrow from DUO in 2022?

Borrowing money from DUO is no problem, under the new study system DUO provides study advances that are credited as a loan. The loan is subject to a maximum and is the same for students living at home and students living away from home. There are, however, differences between MBO students and students in academic education and higher professional education. The interest on a loan from DUO is very low, in 2022 even 0% or a zero loan. There are also students who study under the old study system. They can borrow extra on top of the basic grant. It also applies to them that they are not allowed to earn unlimited additional income with a part-time job. This additional earning limit also applies in secondary vocational education. Anyone who exceeds a certain limit for additional earnings loses (part of) the student grant. The limit in 2022 is 15,828.77 in additional earnings. The DUO Loan is not registered with the BKR, while the bank loan is. In 2022, the interest rate will be determined on the basis of the 5-year interest rate.

Advantages and disadvantages of the student loan

In summary, there are advantages and disadvantages to the student loan. Obvious advantages are that the loan is repayment-free during the study and is taken out at a lower interest rate. A disadvantage is that a debt burden is built up that must be repaid. Anyway, you also benefit from it during your studies and there are students who borrow the maximum amount and put part of the loan away in a savings account.

Apply for the tuition fee loan

Anyone who studies at a higher professional education or university can, in addition to regular student finance, also borrow extra money to pay tuition fees. In fact, a student earns money by borrowing and saving with DUO. This tuition fee loan is then part of the student financing and can be applied for at the same time as the performance-related grant and any loan. The credit is paid out monthly and has the same repayment conditions as the repayment of the accrued student debt. Anyone who does not pay tuition fees, but who pays an institutional tuition fee for a private or foreign course or who is older than 30 years, can also apply for a tuition fee loan. You may only borrow more than the statutory tuition fee if you also have to pay more than the statutory tuition fee. The maximum is five times the amount of the statutory tuition fee.

Capacity assessment and student debt cancellation

The monthly repayment depends on the amount of the debt and your ability to pay. Anyone who encounters financial problems when repaying their student debt can also request a means assessment. Those with a minimum income do not have to make repayments and after a maximum of 15 years (old study system) or 35 years (new study system), the outstanding debt will be forgiven.

Part-time job as a student

A part-time job can also help you. Cities with a university or college often also have employment agencies for students. This work usually also takes your study load into account. These student employment agencies know what they are talking about.

Banking for students at the ING bank, student credit

Students can contact ING for a free current account including the Mobile Banking app and with extra benefits on student insurance and student credit card. But there is also a student loan in the sense that with a student payment limit you can have an advantageous overdraft on your student account. This means in 2022:

  • Can be overdrawn up to a maximum amount of 1,000;
  • You can withdraw money immediately with your debit card.
  • You can pay with My ING and the Mobile Banking App.

Conditions for this are:

  • You are following a full-time MBO, HBO or WO course.
  • You are at least 18 years old and maximum 29 years old.
  • You have a student account or checking account with ING that receives sufficient income.

You can also be overdrawn at Rabobank up to a limit of 500 or 1,000. The amounts that apply to your situation will be determined in consultation with the bank.

Borrow from your parents

Many students also borrow from their parents or family, or receive all kinds of extras. Parents may donate up to more than 56,700 euros tax-free (2022) to their son or daughter if they are following an expensive course of study, and a further 5,500 euros tax-free every year. It can also take the form of a private loan in which parents donate the market interest to be paid back to their studying children. Parents can also guarantee a loan, but of course this means that they are jointly and severally liable for repaying the loan.

Finally study in 2022

Financially, being a student is usually not a lot of money, while the costs are often high. Fortunately, there are all kinds of possible sources of income that have been created especially for students. Above all, make use of it.

read more

  • Student financing 2021: tuition fees and tuition fee loans