By a means of a letter, the Colombian Institute of Educational Credit and Technical Studies abroad (Icetex) informed the beneficiaries that they are currently paying their credits that will not have a subsidy to the interest rate, which oscillates between 12, 2% and 17.2% annual effective.
In the letter, it is argued that the determination is due to the “complex fiscal situation” faces 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 a period of payment will not have the interest rate subsidy,” says the text.
“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, ”says the letter.
Despite the announcement, Icetex stressed that their interest rates are the most favorable in the market. “Which 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.
Uncertainty
Days ago, through social networks, students expressed concern around the sustainment subsidy. In addition, due to the lack of quotas and the worrying increase in the invoice they observed since the year.
María José Castañeda, president of the Colombian Association of Student Representatives of Higher Education (ACREES), denounced that there are students without being able to study due to the lack of last year’s turn to universities. “Today it is not possible for us to continue normalizing that private universities have to give money so that students enter until the Icetex can turn. This situation continues to be deepened, ”he said.
He also considered that the biggest problem is the drastic reduction in the allocation of new credits, which went from approximately 50,000 to only 10,000, affecting a large number of young people who aspired to access higher education. “This year only 5,000 credits were granted for all universities in the country, which has forced many students to look for alternatives to enter. Many were postponed for the next semester, ”he said.
In a recent interview with, Álvaro Urquijo, president of Icetex, responded to students’ concerns about the support subsidy. He explained that they are waiting for a transfer of 154,000 million pesos by the Ministry of Education. “That budget is already scheduled and will benefit 111,000 students waiting for the subsidy,” he said. In addition, he assured that the turns will be made between the last week of February and the first days of March.
On the payments of the previous semester, he indicated that 98 % of the disbursements have been met, with some exceptions that are being served individually. As for this semester, so far progress has been made by 40 %, but there is still the transfer of the remaining amount, which amounts to 613,000 million pesos.
