Minciencias and Colfuturo are offering a new batch of scholarship credit recipients with an announcement of relief due to the devaluation of the peso against the dollar.
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The Colombian peso has depreciated significantly against the dollar in the context of the global crisis caused by the coronavirus, and this has had multiple consequences, including an increase in debt for recipients of the Minciencias and Colfuturo Scholarship Credit Program.
“This is excellent news: we will benefit from 3,200 students who were compensated due to the high dollar, which is why we have handed out 24,000 million pesos. A total of 300 doctoral students and 2,900 master’s students completed their studies in 2016-2019, Minister of Science, Technology and Innovation Tito Jose Cristian said.
It is important to remember that the scholarship program is an alliance between Minciencias and Colfuturo with the primary objective of promoting the training of professionals abroad at the master’s level. The amount of funding awarded is up to $50,000 for two years and is awarded under the scholarship number.
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It is very important to make clear that the students who will have the right to request this support are the students from 2016 to 2019 promotions who are in payment status. Also those who are studying, if they request support within the month following the end of the Colfuturo-funded programme.
Deputy Minister for Talent and Social Acquisition of Knowledge, Anna Marie Algore said: “The signing of this agreement shows once again that our priority is to provide the best conditions for the recipients of these scholarship loans, to pay attention to situations and to take concrete actions with flexibility.” .
How do you get the benefit?
1. Beneficiaries who are entitled to and required to obtain support must in writing to Colfuturo, justifying the need to obtain it.
2. To do this, the exchange rate for the day the beneficiary requests the support or $3,900, whichever is lower, will be used. The lowest exchange rate set at $3,353 (average TRM for the December, January, February and March closings) will be subtracted from that value.
3. The difference between these two rates, if positive, will be multiplied by the total student debt balance as of March 31, 2020. This will be the amount of the support.
4. Students requesting and receiving support must sign an addendum to the contract with Colfuturo, knowing that they will receive additional resources with which they will return with additional time off or, alternatively, with a product or project with a significant impact on Colombia.
5. The resulting amount will be immediately applied upon approval to beneficiaries in case of payment and will be added to the outstanding scholarship balance.
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