In holland it is very nomal to go to school by bicycle. Including books. I had to drive 15 km to school and did that 8 years. My un is 13, next year he goes to a school 10 km from here, on a bicycle. Then 4 years 40 km ( one way) first two years by 40km/h moped, last two on an old Honda CB550 ( worked two years for that, costed my 800 dolar, summer and winter, rain and snow.
But you still have a car and a motorbike, wow, wish I could afford that back then. You study electronics ? Is a multimeter then not more important than a car and motorbike ? Sell he car, use the motorbike. Save on gass and a you do not need the loan. Plenty off time later to buy a car ( i have 3 motorbikes and 4 cars now, but most are oldtimers, oldest is from 1936). A motorbike ( or rather trike) is still my main transport