When your child embarks on their college journey, it marks a significant new phase in your life as a parent. Beyond the emotional changes, this transition also comes with a substantial financial impact. At Monny, we’re here to help you get a clear overview of what to expect so that you’re prepared for every step.
Tuition Costs: What You Need to Know
The cost of education varies depending on the type of program (vocational school, university of applied sciences, or university) and your child’s age.
- Vocational Education (MBO): For full-time students aged 18 and older, tuition is €1,419 for 2024-2025. Part-time tuition costs are lower, ranging from €295 to €715 depending on the level.
- Universities and Universities of Applied Sciences (HBO): Tuition is set at €2,530 for 2024-2025. Additional costs, such as books, laptops, and other study materials, are not included in this amount.
Student Travel Product: Convenient, But Mind the Rules
Many students are eligible for a travel product, but the rules differ. For MBO students at levels 1 and 2, the travel product is a gift. For other programs, it starts as a loan and is only converted into a gift if your child earns a diploma within 10 years. Failing to meet this requirement can result in significant debt, so it’s essential to understand the conditions to avoid surprises.
The Costs of Living Away From Home
Student housing prices have risen sharply in recent years. While the average rent for a student room was €400 in 2019, prices now frequently exceed €600, especially in major cities. Additional expenses, including groceries, insurance, and utility bills, further increase the financial burden. For many students, a part-time job is essential to cover these costs.
Student Finance: How Does It Work?
Student finance includes a basic grant, an additional grant, and potentially an allowance for living away from home. For MBO students at levels 1 and 2, these are provided as gifts. For HBO and university students, the grants are performance-based: they are converted into gifts only if a diploma is earned within the specified timeframe.
For 2024, monthly amounts are as follows:
- At-home Vocational Student: Basic grant €121.33, additional grant up to €457.60.
- Living-away University Student: Basic grant €302.79, additional grant up to €457.60.
Create a Budget Together
It’s a good idea to sit down with your child and create a budget. This will give them insight into their expenses while helping you plan ahead financially. Monny can be a valuable tool in this process, providing your child with the ability to stay organized and make smarter financial choices.
Let Monny help you and your family step confidently into this exciting new phase!