Congratulations on being accepted into one of the renowned institutions in the Netherlands! The Netherlands, known for its innovative education system and an array of English-taught programs, offers a unique blend of academic excellence and cultural richness.
As you celebrate this exciting new chapter, there’s an important task that requires your attention: organizing your finances for your student visa and resident permit. A full-proof financial planning is essential to ensure a smooth and successful stay in Netherlands during your studies.
This article is your friendly guide to navigating the financial intricacies of obtaining a student visa and resident permit in the Netherlands. We will cover everything from tuition fees and living expenses to managing your budget and exploring different ways to fund your education.
By the end of this guide, you will be well-equipped with the knowledge and tools to handle your finances confidently, allowing you to focus on your studies and enjoy your time in the Netherlands to the fullest. Let’s dive in and make your dream of studying in the Netherlands a reality!
Entry Visas and Residence Permits
To secure a residence permit for studying in the Netherlands, you must demonstrate that you have sufficient funds to support yourself during your stay. If you are enrolling in a course lasting longer than 90 days, a residence permit is required.
According to the Dutch Immigration and Naturalization Service (IND), students staying in the Netherlands for more than 90 days will need a recognized sponsor, typically their university or institute. Under the TEV (Entry and Residence Permit) Procedure, your university or institute will apply for the visa on your behalf as your recognized sponsor. This ensures that you meet all necessary financial requirements to live and study in the Netherlands.
Financial Thresholds for Study/Resident Permit- Netherland
When applying for a residence permit for study in the Netherlands, consider the following:
- Study Norm: The amount required to cover living and study expenses is known as the study norm. Ensure you have sufficient funds to support yourself for the duration of your studies, typically 12-24 months.
- Monthly Amount: As of 1 Jan 2024, the monthly study norm for higher professional education or university students is €1,217.96.
- Minimum Requirement: Some sources suggest a minimum monthly amount of €1,448.58, excluding holiday allowance.
- Proof of Income: You must provide proof of income for each study year to meet the financial requirements.
- Documentation: Your educational institution will request you to fill out the “Appendix Foreign national’s own statement: income within the context of a study 7613” form.
By organizing and presenting this information effectively, you can streamline your residence permit application process and demonstrate your financial readiness for studying in the Netherlands.
Studying in the Netherlands for more than a year?
Remember, you must show proof of financial means annually for living expenses and full tuition fees. This ensures you can maintain your residence permit and continue your studies uninterrupted.
Financial Requirements for Netherland Based Studies
- The Dutch Immigration and Naturalization Service (IND) set the minimum fund requirement, known as the Study Norm, for staying and studying in the Netherlands.
- You are required to deposit the study norm for one year (12 times the study norm) into the bank account of your educational institution.
- Minimum Funds Requirement: If you’re enrolled in a regular Bachelor’s or Master’s, OnCampus, or Pre-master’s program, ensure you have adequate funds to cover your remaining tuition fees and living expenses for 12 months. This amounts to a minimum of €1,225 per month, totaling €14,700, in addition to your tuition fees.
- This amount must be in the account when your educational institution submits the application or registers you at the IND as a student.
- Your educational institution will retain a copy of their account statement in their administration, which includes:
- The date of deposit.
- The bank account number and name of the educational institution.
- The deposited amount, along with any identifying information provided by you during the transaction, such as your name and student number.
How to Show Sufficient Income/ Funds for Study/Resident Permit In Netherlands
To meet IND requirements, you must provide financial proof demonstrating adequate means to sustain yourself throughout your study program in the Netherlands.
- Payment of tuition fees: Transfer the total tuition fee and IND fee to AUAS account.
- Financial Support Proof: The IND requires proof of financial means to support yourself during your stay in the Netherlands. They have set a minimum monthly amount considering average housing costs and living expenses, which is €1,225 per month.
- Advance Proof for Residence Permit: For the residence permit application, you must demonstrate in advance that you have sufficient financial means for the first twelve months of your stay. Living expenses will be reimbursed to you in monthly installments after your arrival in the Netherlands and opening a Dutch bank account.
- Special Consideration for Indian Students: Students from the Indian states of Punjab and Jammu and Kashmir should not provide a bank statement but must make the full payment of the financial guarantee. This increases their chances of visa approval.
How to Prove Availability of Funds
When proving you have sufficient financial means for your study program in the Netherlands, there are three main methods:
- Scholarship:
- If you receive a scholarship, ensure the scholarship letter’s date is later than your tuition fee and IND fee transfer date.
- Personal Financial Means:
- If you have your own funds, ensure you have the study norm for one year (12 times the study norm) deposited in your own bank account.
- Provide an original bank statement, account statement copies, or internet bank printout not older than three months. It should include your personal details, bank account number, balance, and bank contact details. Avoid last-minute transactions.
- Sponsorship from Abroad:
- If you have a sponsor from your home country, ensure they have the study norm for at least one year deposited in their bank account.
- Your sponsor must provide a financial statement, proof of identity (passport), and proof of their bank account.
- The provided documents should be not older than three months and include the sponsor’s personal details, bank account number, balance, and bank contact details.
- A joint account requires a statement confirming both parties can freely use the funds.
Remember, you can combine funds from scholarships, personal finances, and sponsorship to meet the financial requirements. Each method requires specific documentation to support your application.
Contact the Collegepond Financial Services Team to receive comprehensive information regarding the list of banks and institutions recognized and accepted by Netherland for demonstrating proof of fund.
Disclaimer: Please be aware that the Netherland government’s requirements and policies concerning student visas are subject to change. Therefore, it’s crucial to review the most recent guidelines before submitting your application.
For a detailed assessment of your financial planning preparations, education loans for Netherland, or any other specific assistance or query please contact Collegepond Financial Team at _______[Email]_________.
