Am I eligible to travel to the Netherlands on a 6 month university exchange using the WHS?

Kingdom of the Netherlands has:

The Working Holiday scheme between the Netherlands and Australia, New Zealand and Canada offers an opportunity to young people from these countries to visit the Netherlands for a period of up to twelve months with the objective of combining a holiday with work experience, thus supplementing their financial resources during their stay.

Please note: you can only make use of this scheme once.

Eligibility

To qualify for the Working Holiday scheme applicants must comply with the following conditions

• be an Australian, Canadian or New Zealand national
• be aged between 18 and 30 years, both inclusive, at the time of application (you must enter the Netherlands and register at the Immigration and Naturalisation Service before you turn 31)
• have a national passport valid for at least fifteen months
• have a full medical insurance cover for the Netherlands valid for a minimum of twelve months from date of entry into the Netherlands
• have a return air ticket or sufficient funds to purchase one, and
• not be accompanied by children.

You can travel to the Netherlands without mvv and apply for a residence permit after arrival. A fee will have to be paid for the residence permit.

The requirements for the working holiday scheme are:

CHECK-LIST MVV WORKING HOLIDAY

• Valid passport (Australian, New Zealand or Canadian, applicant between 18 and 30 years inclusive)
• Completed and signed MVV-application form (signature same as in passport)
• One photograph (meeting all photo requirements)
• Copy of original valid UK residence permit (if applicable) or copy of UK entry stamp
• Copy of applicant’s passport (holder page, signature page)
• Proof of funds (sufficient to buy a ticket home) or a ticket home
• Medical insurance or medical insurance declaration

To add to @pnuts comprehensive response, Expatica explains how to get the correct visa (how easy it is, that the school will apply, and that it can be accomplished before arrival):

Dutch student visa

Depending on your nationality, you may need a provisional residence permit (MVV) to enter the Netherlands, in addition to a Dutch residence permit to stay in the country for more than three months. Since 2013, the educational establishment (your recognised sponsor) can apply for both permits in one application, through the Entry and Residence Procedure (TEV). You can find out if you need an MVV for entering the Netherlands in Expatica's guide to Dutch provisional residence permits (MVV) and temporary residence permits.

Different rules apply for citizens from the European Union (EU), the European Economic Area (EEA – EU plus Iceland, Liechtenstein and Norway) and Switzerland – plus their family members. If this applies to you, read Expatica's guide for EU/EEA/Swiss nationals moving to the Netherlands.