In the Netherlands, you can perform a debt restructuring to cancel the debt. This also includes criminal fines.
You should then be placed under the supervision of an administrator (a trustee) who will manage all of your money for a minimum of 3 years and a maximum of 5 years. You get groceries every week or month, but all other expenses need permission from the administrator. The administrator oversees all of your income and ensures that creditors are repaid as much as possible. The remaining debts after that period are forgiven, and then you start with a clean slate (legal term), since those debts cannot be claimed legally (in fact, creditors simply have to write off those accounts).
Criminal fines must be older than 5 years, and there must be an attempt during that time to pay those fines: you should also do your best to earn as much as possible (one day a week part-time to fill out creditors is not allowed if you can work more And you should sell valuable assets, including real estate where applicable).
There are more requirements to be able to arrange this, but in principle you will never be in the Netherlands with a lifelong debt, unless you screw things up yourself.
Regardless of student debt under the current loan system, this is a really bad system. However, this debt will also expire if you go to the repair during the repayment period.
Edit: A lot of people below corrected me on a number of points. I didn’t understand it as well as I thought
[Reactie gewijzigd door Khrome op 8 december 2021 02:26]
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