In Colombia the ICETEX, is the Educational Credit Institute and Technical Studies Abroad. You want to know more? Keep reading!
What is ICETEX?
Between his functions are mentioned:
- Promote studies in Higher Education.
- Give scholarships for higher level studies, to students with limited economic resources and good academic performance.
- Facilitate Higher Education students the possibility of carrying out studies in other countries.
What is an ICETEX credit?
Is a help provided by ICETEX, to Higher Education students with low income and high academic performance, so that they can continue and finish their studies.
What is ICFES?
ICFES is the Colombian Institute for the Evaluation of Higher Education.
Has as an end:
- Perform the research on factors that affect education.
- Present the alternatives to ensure that education has an excellent quality.
- Submit Assessments at all levels of education.
The Colombian Institute for the Evaluation of Higher Education is an entity attached to the Ministry of National Education.
What are the Saber 11 Tests?
Son the evaluations given to students who are about to finish their studies in Secondary Education, in order to:
- Know to what level they have developedor their skills.
- Present the information to the institutions higher education, applicants and those who enter; to plan and implement leveling programs and avoid attrition.
Requirements for ICETEX credits
For obtain an ICETEX credit, it is necessary to meet certain requirements and submit the required documentation:
- Have the Colombian nationality.
- Have been accepted into a technology program, professional or university technician.
- Must have a Solidarity debtor that has been approved by ICETEX, which serves as a credit guarantee.
- If the student apply for a loan having another one in force, it is necessary to have paid 50% of the first and demonstrate the ability to pay for both.
- Are not awarded two credits for the same degree. Only a complementary credit.
- Should be sign the documents: the Letter of Instructions and the Promissory Note, from both parties, both the student and the Joint Debtor.
- Gather the Academic merits required:
a.- For the first and second semester, a score of 238 on the Saber 11 ICFES Test.
b.- Of the third semester henceforth an academic performance of 3.4. Accumulated or the last period studied.
- Pay in to the page
- Select the credit line according to the needs.
- Continue with apply for credit.
- Validate the information and give to enter.
- Select the type of Debtor.
- Fill the socioeconomic data.
- Accept the conditions and give to continue.
- Process the formula and fill in the data required there.
- Process the form of the Solidarity debtor and fill in the data required there.
- Send the information and it will enable on the screen the receipt from the CIFIN, Central de Informacion Financiera. It is printed and the debtor must cancel what is demanded.
- Information on the acceptance of the joint debtor takes 24 hours.
Requirements of the joint debtor
The requirements to be fulfilled by the joint debtor of an ICETEX credit, it depends on whether you are a natural person or a legal person.
If you are a natural person
- To have permanent residence In colombia
- Should have legal capacity to contract obligations.
- Not be a delinquent debtor at ICETEX.
- At the time of the loan application, not be over 60 years of age.
- What Solidarity debtor You cannot have more than 2 beneficiaries.
- Can not have delinquent history in ICETEX, as joint and several debtor
- Your income they must be an endorsement to guarantee the debt incurred.
- If you are retired, must present income different or real estate, with a value greater than the value of the credit. These real estate they cannot be family assets.
- Your track record financial and credit it must be favorable.
- Lack negative rating by a financial risk center.
If you are a legal entity
- Have residence permanent in Colombia.
- Should have legal capacity to contract obligations.
- Not to be delinquent debtor in ICETEX.
- Has to be authorized by the Partners or Shareholders’ Meeting. to serve as Joint Debtor and with the maximum amount allowed.
- Net worth It must be greater than the value of the credit.
- The track record financial and credit, it must be favorable.
Documents to legalize credit approval
The required documents by ICETEX to legalize the approval of the credit are.
- Form of request.
- Enlarged photocopy of the citizenship letter.
- Copy of receipt payment, stating the value and period to be taken.
- Certificate of the Test Saber 11, for those entering the first or second semester. Average of qualifications certified by the IES, for those who enter the third semester onwards.
- Copy of a receipt of payment (public service).
- Form Solidarity debtor, signed by both.
- Documents that endorse the information of the joint debtor.
- Instruction Letter and I will pay, legalized.
When do the ICETEX calls open?
The calls for ICETEX credits, they are made Through the page
Generally they are done every six months. Interested students should be on the lookout for such information.
Types of credits and educational loans ICETEX
ICETEX presents different types of credits:
1.1.- Short term. 100% of the value of the credit is paid while studying.
- Students welcome of all social strata.
- A score of 240 is required on the Saber 11ICFES Test, for students of first and second semester and an average of 3.4, for students in the third semester onwards.
1.2.- Medium term.
- Among 30% and 60% This is the cost of financing that has to be paid.
- The rest it is canceled when finished the studies. The deadline to cancel it is the same time that the study lasts.
- The annual effective rate it is higher when the percentage is lower.
- Students from all social strata.
- If the percentage to cancel credit is 30%, a score of 260 is required on the Saber 11 ICFES Test for students in the first and second semesters and an average of 3.4, for students in the third semester onwards.
- If the percentage to cancel credit is 40% or 60%, the score on the Saber Test 11ICFES must be 240 for students in the first two semesters and a 3.4 average for students in the third semester or more.
- For the social strata 1, 2 and 3.
- It can do not cancel anything of the credit 0 cancel 25%, during the study
- Upon completion of studies the rest are canceled. It is canceled in a time double of the duration of the financing.
- If nothing of the credit is canceled during the study it is required the SISBEN score. Identification System of Potential Beneficiaries of Social Programs, and a score of 310 or more in the Saber 11 ICFES Test, for first and second semester students.
- If he cancels 25% of the credit During the study, a score of 270 or higher on the Saber 11 ICFES Test is required for first and second semester students.
- A 3.4 GPA is required, for students in third semester or more.
2.1.- In the country.
- Is cancelled 20% of the credit during the study ..
- The remainder is canceled at finish studying, and the deadline to cancel it is twice the duration of the study.
- It can be with Solidarity debtor or without joint debtor.
- Necessary meet the requirements application and legalization of credit.
- The program to study It must be recognized by the Ministry of National Education.
- I know must authorize to ICETEX to consult the credit history of the applicant.
- Not canceled nothing of the credit during the study, but at the end of it. You have a term of 5 years to pay it.
- The program to study must be recognized by the Ministry of National Education.
- You can choose a Joint and Several Debtor and that is recognized by ICETEX.
- ICETEX will be authorized, so you can check the applicant’s credit history.
- It is necessary to comply with the application and credit legalization requirements.
Steps to update and renew the ICETEX credit
At the end each academic period and on the dates indicated by ICETEX, the credit must be renewed and updated. For this you must:
1.- Login to the page www.icetex.gov.co
2.- Select Student and Credit Management.
3.- Write celectronic mail, password and security key.
4.- Select Renew and the student’s data will be presented.
5.- Click in application number and the screen will reflect the form.
6.- Renew data. If required. If not Save Changes.
7.- Check the format and print.
8.- Go to the ICETEX Office to deliver:
- 2 copies of the form renovation.
- Copy of the Citizenship Letter.
- Copy of last receipt payment of a residential public service.
- Grades card of the period just completed. The average must be greater than 0 equal to 3.
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