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Long-terms credits for undergraduate studies in the country

Long-term credit known as ACCES (Quality Access to Higher Education) is aimed at lower economic resource students having a satisfactory academic performance for them to fi nance their higher education.

It off ers a subsidized interest rate, indeed low amortization installments during the studying period, and it covers just a portion of the accrued interest with a oneyear grace period upon completion of the studies.

The conditions for this credit line have been specially designed for meeting the needs of students coming from the poorest sector of the country. Additionally, they have a scholarship element which represents a value equal to 25% of the enrollment cost.

These conditions favorable for the student strengthen the ICETEX social mission, making it become a unique product in the Colombian fi nancial system.

Credit impact on country education

  • Education credit off ered by the ICETEX is the only fi nancing system for Colombian students; this credit fi nances enrollment costs and/or support of those who so require for entering or continuing with higher or university education.
  • Long-term credit ACCES is an eff ective mechanism for raising the number of students entering higher education, whilst preventing abandonment due to lack of economic resources. This credit line has had an important impact in terms of access and effi ciency regarding the Colombian higher education system.
  • 96% of the credits have been granted to the poorest people of the country.
  • Most vulnerable students are given a subsidy of 25% of the university program enrollment cost. On the other hand, the enrollment cost for students taking professional technical and technological courses is fully paid, while being granted a subsidy of 1.15 monthly minimum salaries (U$S288).
  • Today, 23% of Colombian higher education students have access to education credit, threefold than in 2002 when merely 6% accessed.
  • In some cases, students may benefi t from additional fi nancing under scholarship or credit schemes provided by the entities with which the ICETEX has entered into strategic agreements.
  • Special and medium-term credit lines complement ACCES line; and they are intended for any student who needs to fi nance his/her higher ducation, provided that the student shows good academic performance. These lines finance undergraduate studies in Colombia.

Education credit for graduate studies

The ICETEX offers medium-term credit for professionals who wish to undertake graduate studies in the country, which covers specialization studies, masters, and PhD, allowing financing up to USD$20,000.

This loan is repaid in two stages: During the graduate study period, 40% of the borrowed amount is paid, deferred in monthly installments. The balance equal to 60% is paid-up upon completion of the academic program, with a term equal to twice the financed period.

Administered funds

The ICETEX administers resources from cooperatives, private and state-owned companies, ministries, municipalities, and higher education institutions intended for fi nancing education projects as determined by contributors.

Under these terms, the ICETEX off ers forgivable loans to students belonging to less-favored communities, such as native and Afro-Colombian minorities, or else to those being trained in sectors deemed strategic for the development of the country, for example, fi nanced period. the medicine field.