Amsterdam Will Cancel The Debt Of Young People Who Engage With Training Schemes

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Amsterdam Will Cancel The Debt Of Young People Who Engage With Training Schemes

Amsterdam, Netherlands, is taking over the debts of its young adults as part of its goal to liberate people who struggle to get into work or education.


Growth in borrowing among young adults in the Netherlands and elsewhere in Europe is considered to be preventing them from joining the marketplace or completing higher education courses.


Under Amsterdam's trial project, a municipal credit bank will negotiate with creditors to buy out the debts. Then, people on the scheme will be issued with a loan to repay according to their means.


The creditors participating in the scheme will each be given €750 (approximately $830) as an incentive to pass the debt onto the municipality's bank. Furthermore, if they successfully engage in training or an educational program, they will be eligible to have more of their debt canceled.


Each individual on the scheme will be given a coach with whom they'll prepare a "guidance plan." The city thinks that young people with unstable incomes usually find it almost impossible to make the necessary repayments.


Over a third (34%) of Amsterdammers between the ages of 18 and 34 are crippled by debts. The average student debt in the country has shot up from €12,400 in 2015 to €13,700 in 2019 while the number of individuals with student debt rising from 388,000 to 1.4 million in the same time frame. News of the new scheme has seen mixed reactions on social media with some praising the city for taking such a step and others expressing their disapproval.

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Thinking Humanity: Amsterdam Will Cancel The Debt Of Young People Who Engage With Training Schemes
Amsterdam Will Cancel The Debt Of Young People Who Engage With Training Schemes
Amsterdam, Netherlands, is taking over the debts of its young adults as part of its goal to liberate people who struggle to get into work or education.
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