The delay in the payment of Icetex fees is a problem that many of the university students who have applied for some type of credit with the institution have to deal with, due to the high cost that monthly payments sometimes generate. But this would change after a decree is signed that the government plans to announce in the coming days, according to RCN News.
This is the decree that will allow the implementation of the Contingent Income Financing model to those who benefit from an educational credit with Icetex.
The media learned about the draft decree, which indicates that the user of the credit would only pay their debt if the income they report is greater than a monthly minimum wage.
“This mechanism will be opted on a voluntary basis and no deductions will be made to beneficiaries whose income is less than or equal to a statutory monthly minimum wage in force.”
On the other hand, the loan will be valid for a maximum of 20 years, says the text revealed by the media.
“Deductions and withholdings may be made for a maximum period of twenty (20) years, after which period has not been collected, the obligation shall be deemed terminated.”
The decree, which is about to come out, will establish the percentages that the debtor will pay for the credit according to income. For example, an employee who has an income of two minimum wages will pay 11%, but if the debt is greater than 24 million the percentage will be 13%.
On the independent worker's side, he will be entitled to pay 9.5%, as long as the debt is less than 24 monthly minimum wages ($190,000), but if it is higher the installment will rise to $230,000.
Finally, if the employee has an income greater than eight minimum wages, he will have to pay between 22 and 24% of his income to debt and if he is independent, between 20 and 22%.
According to Icetex, for the creation of this model, the “most renowned international experts in the field”, Professor Bruce Chapman of the Australian National University and Professor Lorraine Dearden from University College London, were invited to participate in the design of the new funding mechanism for the entity.
“For three years they carried out research on the labor results of the Icetex beneficiaries in conjunction with the entity's researchers, Germán Pulido and Juliana Aragón, to design a model of contingent financing for sustainable income for Colombia.”
According to the financial and education institution, this new model will bring enormous benefits to students because they are fully insured in their work and life trajectory. The main motivation for this work was to recognize that, when the beneficiaries' income is low or they have no income, they face difficulties in repaying their financial obligations. With this in mind, a payment instrument is designed where the monthly contribution is proportional to income.
This was the first Telephone and Virtual Conference on Icetex Solutions 2022
An outstanding balance sheet that represents solutions to beneficiaries of traditional credit and funds managed by the financial institution and who have difficulties in their payment, achieved the First Solutions Day held by the institution, which represents more than 828 people, waivers of their current, overdue interests and moratoria.
These users achieved these agreements by attending the conference that took place between March 22 and April 8 and jointly reached payment agreements with the Icetex team of advisors, by reviewing the multiple alternatives that allow a better situation to their current condition.
The 828 users who made payment agreements will be waived current past due interest and default that totals 1,979 million pesos. These benefits will be effective in accordance with the fulfillment of payments agreed in these negotiations.
Of the total number of negotiations carried out, 147 were used for debt repayment, 185 for termination of the obligation, 59 for normalization and 437 for refinancing.
The vice president of Credit and Collection of Icetex, Ramiro Forero, highlighted the results of the day and said that the benefits offered, such as the forgiveness of overdue current interest and moratorium.
“They are the result of a transformed Icetex, which has changed for students and that accompanies users more closely and with solutions to access higher education, graduate and enter their working life.”
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