Most good jobs require a college education
How do you ensure that your child will be able to go to college in the future? A college education isn’t cheap, but it is also the best investment you can make for your child. We asked 3 ambitious students how much their education is going to cost, and how they made the financial arrangements to cover these costs.
Episode 3: “Most good jobs require a college education”
Kathelyn, 1st year psychology student at the University of Tilburg. Kathelyn just turned 18. She is ambitious and has an international mindset. She just started her education in psychology at the University of Tilburg in The Netherlands. After getting her bachelor’s degree, she wants to get her master’s degree, and maybe even get a doctorate’s degree.
Why did you want to study in The Netherlands after your VWO final exams?
“I want to get ahead in life, and most good jobs require a college education. It was difficult to choose between The Netherlands and Canada. My father is Canadian, my mother is from Curaҫao, and my high school was in Dutch.”
How did you prepare for your education?
“I prepared for a long time. My father helped me do a lot of research, because I was so busy with my final exams. Through my high school, I was able to go on a study trip to The Netherlands. I visited a few of my preferred universities while I was there, just so I could get a real feel for them.”
How much does your bachelor’s degree cost per year?
“Tuition for a bachelor’s degree in The Netherlands is approximately 2,000 Euro per year (= f 4,200). On top of that, you still need to account for rent, living expenses, and other educational expenses. Most bachelor’s degrees take about 3 to 4 years. For a master’s degree, tuition is higher.”
Curious to see what the smartest way is to approach financial planning for your situation, or would you like to create an education savings plan for your child?
How are you currently financing your education?
“I was able to turn to Stichting Studiefinanciering Curaҫao (SSC), and DUO, a Dutch organization which deals with educational financing, and knows exactly how much money you need to be able to study and live in The Netherlands. I requested the maximum loan amount from DUO, which is f 26,000 (€ 12,400) per year. The amount you receive depends on your parents’ income. After my education is completed, I have a maximum of 35 years to pay the amount back. Luckily, the interest rate is low.”
The summary below shows the yearly tuition, financing, and the parental contributions for the education. At the bottom, you can see the total costs of the education, with the total parental contributions, and the total debt accumulated by student loans. The total parental contribution is the minimum amount that should be available. In order to alleviate any student debt, a higher guaranteed payout amount could be selected.
Do you also want to start saving for your child’s education?
The sooner you start saving, the less you will have to pay each month to provide your child with a solid financial foundation for their education. With our Education Plan, your payout amount is guaranteed.