Decree 467 of 2020 was issued on March 23, 2020, in order to mitigate the economic impact that Colombian families have suffered regarding the decrease in their income due to the health emergency caused by COVID-19 in Colombian territory, through the granting of a series of prerogatives to beneficiaries of the Colombian Institute of Educational Credit and Technical Studies Abroad (ICETEX) who so request.
In that order of ideas, the National Government presented an Educational Aid Plan for ICETEX beneficiaries, which includes: the granting of benefits such as grace periods on installments of current loans that can be requested by all beneficiaries and by those who are about to start making their payments; temporary reduction of interest rates to the CPI, during the validity of the state of economic, social, and ecological emergency, which may be requested by beneficiaries belonging to strata 3, 4, 5, and 6 and not those belonging to strata 1 and 2, since these already have the benefit of a subsidized rate by the Nation; extension of terms in amortization plans, aimed at reducing the value of monthly payment installments; and granting of new loans for the second semester of the current year, without the need for them to be guaranteed by a co-debtor.
Now, the granting of the aforementioned Educational Aids will be prioritized for those persons with disabilities, unemployed, female heads of household, or pregnant, among others. In that sense, ICETEX will analyze each particular case in order to protect those persons who are in a vulnerable situation.
Lastly, we highlight that to apply for the benefits of the Educational Aid Plan, interested parties must contact the offices of the Colombian Institute of Educational Credit and Technical Studies Abroad (ICETEX), and they will have the possibility to access ONE (1) of the benefits while the declaration of the State of Economic, Social, and Ecological Emergency remains in effect, or until the amount of resources made available for this purpose is exhausted.
Author: Manuela Rodriguez A. Consulting Lawyer AZC