Author Topic: Borrowing Money for Study/Career  (Read 519 times)

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Offline Manolito Mystiq

  • Posts: 291
  • Gender: Male
Borrowing Money for Study/Career
« on: April 26, 2016, 10:56:37 AM »
Hello everyone,

Currently, I am studying Musicology. I am in my final Bachelor year. I want to continue with my Master year in 2016–2017.

My monthly income is about €750.

I can borrow money from the Netherlands state because I am a Dutch student. I started borrowing somewhere in my second year (around €500 a month). I put that money on a separate bank and tried to rely only on my monthly income from another bank. Last year, that did not work. Currently I will have to pay back around €15,000: but €6000 is on the "borrow" bank, €9000 has been used.

Two years after completing a study, I will have to pay back the money. I can either choose to do so in a timespan of 15 years or 35 years.

After completing my study, I will be able to earn more (I have a disability contract with the school and with the government because of my information disability disorder: anything above €750 right now will go to the government). At worst, my monthly income will be about €1100 (because of the funding I will get from the government if I do not study).

With all that support, I probably should not worry. If it goes well, I will not be needing the contract anymore and if it does not, I will have a sort of buffer from the government. That is not to say I should not be careful with making long hours. I burn myself out pretty easily.

IN SHORT
So, is it okay for me to use more of the borrowed money? Most of what I use it for is: study purposes or for my profession as a photographer/cinematographer/singer/guitarist/teacher, etc. So in some ways, it feels like investing in my future, but in other ways it feels like risking my finances. It helps that I do not drink or smoke or do drugs (financially, that is; I am not saying it is bad to do any of them). I hardly go out (consider me a nerd) and I hardly go on vacation.