The Colombian Institute of Educational Credit and Technical Studies abroad (Icetex) confirmed last week that the beneficiaries who are currently paying their credits will no longer have the interest rate subsidy, which ranges between 12.2 % and 17 , 2 % annual effective.
The entity explained that the determination is due to the “complex fiscal situation” faced by the country. “The country today lives a complex fiscal situation that, as a nation, we are facing; For this reason, the beneficiaries of educational financing who are in the period of payment will not have a subsidy to the interest rate, ”said Icetex in a letter addressed to their beneficiaries.
And he added: “During 2023 and 2024, it is important to remember, the Icetex assumed part of the interests of the beneficiaries to help mitigate the impact of inflation. This meant that payment quotas presented a reduction. By 2025, as inflation has dropped, the interest rate will return to the initial conditions agreed when you obtained your financing. ”
Despite the announcement, Icetex stressed that its interest rates are the most favorable in the market. “They are between 12.2 % and maximum 17.2 % annual effective, while the financing of higher education in the financial market represents rates of approximately 24 %,” he said.
This week, Alejandro Gaviria, the Prime Minister of Education of the Petro Government, shared in his social networks a reflection on what happens with the credit entity.
First, Gaviria said that, after the decision to end the subsidy, tens of thousands of young people will face an increase in their payments and increase the dropout of students from universities.
“University dropout will increase. At the same time, many young people already graduated will have to pay greater amortizations, life plans will be truncated, but none of that matters. First is the ideological antipathy of the government for private universities, by the mixed higher education system, ”he said.
Subsequently, he pointed out that the Petro government is not interested in finding a solution to this problem.
“The Minister of Education and the president himself blame Congress or the Constitutional Court. They say nothing about the true cause of the problem: government budget decisions, the deliberate definance of Icetex, ”said Gaviria.
And he added: “The increase in higher education coverage was perhaps the most important promise in the campaign of President Petro. Today there are hundreds of thousands of young people, but none of that seems to import. In summary, in this Icetex crisis we have the ideology above people on one side. On the other side, the search for guilty without solutions. And the renunciation of the main campaign promise. ”
