Student union announces protest at parliament over interest rate hike on student loans

The national student union LSVb announced a protest at parliament in The Hague later this month against the increase in the interest rate on student loans. The student union doesn’t only want the interest rate hike reversed but also for the government to cancel all student debt and permanently increase the basic study grant.

The Education Executive Agency (DUO) announced this week that the interest rate on student loans would be five times higher next year, increasing from 0.46 percent to 2.56 percent on 1 January 2024. That is ridiculous, according to LSVb chairman Elisa Weehuizen. “There is enormous financial desperation among students, and that is justified. That is why we are taking action,” she said in a press release.

According to the student union, the interest rate hike is the last in a series of financial setbacks facing students. “Both students and parents are telling us in large numbers that this interest rate increase is the straw that breaks the camel’s back,” Weehuizen said. “The impact is now so great because students were already facing significant financial constraints. National student debt is increasing, rents are shooting through the roof, tuition fees are rising, and on and on.”

The LSVb and students will protest at the Tweede Kamer, the lower house of the Dutch parliament in The Hague, on October 25, pleading for more help. “The unlucky generation [the students who fell under the loan system between 2015 and when the basic study grant was reintroduced this academic year] has never really received adequate compensation. The basic grant will be reduced again next year. And the interest on student debt will increase sharply,” Weehuizen said. “It is election time, and parties must now really show what their response is to the concerns of students.”

“We demand a cancellation of student debts and a permanent increase in the basic grant. The current situation is simply unlivable for students. Costs are rising on all sides without a structural solution being offered,” Weehuizen said. “We call on students to make their voices heard on October 25.”