Last year, seven in ten students borrowed money from DUO to study. On average, this involves an amount of 700 euros per month, reports the CBS based on new figures.
With the introduction of the loan system in 2015, the number of students who borrow money has grown substantially, according to Statistics Netherlands. Around 2010, when the basic grant still existed, 26 percent of 19-year-old students had a student loan. In 2018, 65 percent of 19-year-old students borrowed money for their studies. Statistics Netherlands figures also show that students tend to borrow more often as they get older.
The younger generation of students also borrow larger amounts. In 2010, a 19-year-old student borrowed an average of 310 euros per month from DUO, against 568 euros in 2018. The monthly amount also increases as students get older.
Higher extra income
Students not only borrow more, they also earn more money. Last year that was an average of 550 euros per month. That is not because more students have started working; that percentage is stable at around 85 percent. The higher earnings are mainly due to the fact that working students have started working more hours.
Another factor is that they have started to earn more per hour. For example, the minimum youth wage has been increased and the age at which young people receive the minimum wage for adults has been lowered.