Today's report about an arrangement for former students from the islands to repay their Dutch study financing debts is important. While the possibility to obtain such a loan is obviously welcome, as it allows islanders access to colleges in the Netherlands, the amounts to be paid back in the strong euro currency become a big issue for those who return to the Caribbean and have salaries in Antillean guilders, US dollars or Aruban florins.
Moreover, many often also have to pay back the local governments' supplementary loans they receive for additional expenses as foreign students. The problem is pretty widespread, because of the 3,600 persons with study debts registered in Curaçao only 800 have been repaying such, while for St. Maarten that is 100 out of 420.
It was decided during the inter-parliamentary consultations to use the introduction of the social borrowing system/study advance in the European part of the kingdom to find a solution. The idea is to convert the study debts to US dollars and have the islands collect them from their residents on behalf of the Dutch Government.
In addition, there is the "financial carrying capacity" tool stipulating a maximum payment, for which debtors in Curaçao soon will receive a one-time offer. The latter is being proposed now for Aruba and St. Maarten. Participating would seem logical, especially taking into account the interest of the people involved.
Of course, studying at home, within the region or in the US are alternatives that an increasing number of high school graduates choose. However, despite efforts to obtain favourable tuition rates and other benefits, the cost to the island is usually higher, partially because there is no financing component from The Hague.
Although some would rather not have many of "the best and brightest" leave for Europe every year because of "brain drain," the reality is that not all programmes of higher learning are readily available in a closer location and the basic study financing provided in the Netherlands is still what makes it possible for many to continue their education. If there is a way to make repayment of the associated debt more feasible, that in any case would be a step in the right direction.
