Icetex reduces interest rates on university loans by 2023

Icetex reduces interest rates on university loans by 2023

This Thursday, the Ministry of Education announced the “humanization” of icetexto mitigate the impact of inflation and benefit young students with loans that have “the largest” reduction in interest rates in history.

(How to apply to Icetex credits without interest rates).

Mauricio Toro, president of the icetexindicated that the decision to reduce the rates will contain the increase in the credits of those students who are currently in amortization.

“We are talking about some 130,000 young people who will benefit from the exercise of the $350,000 million that we obtained for 2023 and that will continue to be valid during the year”Bull said.

The entity currently manages rates of 7.5%, 9% and 12% plus CPI, which is why, according to a case explained by the official, a young man who has a five-year loan with the entity of $30 million, which is the average according to Toro, and that in 2022 it was paying a monthly fee of approximately $706,000, that is, an average rate of 9% + CPI, if this reduction is not generated, the fee for 2023 could reach $820,000.

(Historical announcement! Icetex will offer interest-free educational loans).

“We have cases of young people who have fees of $1,200,000 that could be escalated to $2,500,000, if we did not have this contingency plan. But once the implementation is done, we are going to lower the rate from 9% to 3% and to 2% plus CPI. (…) If these measures are not taken, these quotas would be increased by $200,000, $300,000 or even triple for those who have CPI + 12%. We are stopping the scaled growth that was going to take place during 2023”, explained Mauricio Toro.

Similarly, Minister Alejandro Gaviria stated that the rates are currently between the CPI + 7 points and the CPI + 12 points, starting in January and during 2023 they will be reduced to the CPI + 2 points for those who as of December 31, 2022 they were up to date with their credit, and the CPI + 3 points for those who are in arrears.

“This plan will serve to mitigate the impact on Colombian families associated with the economic situation in the country. We have achieved that for this year, those who are in the Icetex payment stage have an unprecedented reduction in interest rates ”indicated the head of the portfolio.

(Icetex will forgive the debts of thousands of young people: find out if you are a beneficiary).

Finally, the Minister assured that the gratuity, the increase in resources for public universities, regionalization, infrastructure, regulatory flexibility and the reform of Icetex, “They will allow us to meet the goal of 500,000 new young people in Higher Education”.


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