Do you live in the Caribbean and are you paying off a study debt to DUO?
Or are you starting to repay soon?
It just may be possible that your monthly installment is too high.
Stay tuned, because in this video I will tell you more about it.
If you ask DUO to take your income into account...
...it is possible you have to pay less...
...or maybe even nothing at all.
This helps you to save money for other things.
But how does this work exactly?
First, DUO calculates how much money you should repay...
...in order to pay back your debt, with interest, within the term.
The term of your debt is either 15 or 35 years.
Let’s have a look at a calculation example:
Suppose you have a study debt of 30,000 euro...
...and you have to pay it off in 15 years.
At the moment, the interest rate is 1.78 percent.
The amount you then have to pay each month is 189,- euro.
But this amount is calculated without looking at your income.
If you provide DUO with your income details...
...DUO can calculate how much you should be able to pay back every month.
Now what if this calculation results in a lower monthly installment?
Then you pay this lower amount for the rest of the year.
Suppose you apply in September...
...then you begin paying the lower amount in October.
Back to the calculation example:
Suppose your income is 16.800 euro.
If DUO does a recalculation...
...you do not have to pay back anything.
If you have a higher income or if your study debt is a different amount...
...you are often entitled to a lower monthly installment as well.
The amount can never be higher than it is at this moment.
Therefore, it often is worthwhile to apply for a reduction of your monthly installment.
Now, I am going to explain how to do this.
Is your income not known at DUO?
Then you can pass on your income yourself via Mijn DUO...
...or by using a form.
This form is called:
Doorgeven inkomen verzoek verlaging maandbedrag.
You can download the form at duo.nl/antillen.
There you will also find a helpful check list...
...when you wish to apply for a reduction of your monthly installment.
Also...
...always send in a personal income statement form of the tax authorities as well.
Thanks for watching.
Do you have any questions?
Ask them in the comments.