Loans for students with FGA Guarantee Fund as guarantor promote education

The critical economic situation that the country is going through as a result of the covid-19 pandemic and the recent political situation have had an effect on many sectors, including higher education. The lack of resources and liquidity of many parents, or of students who have been left without income to continue covering their educational expenses, have led to the levels of university dropouts in Colombia having increased in recent semesters.

According to figures from the Colombian Association of Universities (Ascun), total university enrollments decreased 11.3% in the second semester of 2020, one of the highest points since the start of the pandemic. This phenomenon not only occurred in the country, but also globally, for which the institutions appealed for scholarships, direct financing, cost reduction, among others, to help the population.

In this context, university credits became relevant to ensure the academic future of thousands of students in the country, however, one of the barriers was having the availability of a trusted guarantor.

To face this situation, the FGA Fondo de Garantías, a company with more than 23 years of experience, in its commitment to facilitate access to credit for Colombians, has a specialized coverage in educational loans, designed so that all those Those who request financing through banks or universities can count on their support as guarantors, and thus speed up the procedures to continue with their academic projects.

“We have agreements with different financial and banking entities throughout the national territory, therefore, when a person needs to access an educational loan, we can serve as guarantors. For example, with Bancolombia and Banco Pichincha we have a signed agreement that allows parents or students, when requesting the loan and after the corresponding analyzes, immediately have FGA Fondo de Garantías as guarantor ”, explained the president of FGA Fondo of Guarantees, David Bocanument.

As reported by the manager, those interested in this type of loan should not fill out documents or approach the offices, to have the guarantee for their guarantor needs. In this alliance, it is the financial intermediary who has the link with FGA Fondo de Garantías and the process is transparent for the loan applicant.

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“By lending to any Colombian with our guarantee, to finance the tuition of their child, the financial institution reduces their credit risk by having FGA Fondo de Garantías as guarantor, since we are a company with a solid financial backing. In such a way that in the event of possible breaches, the bank or the university knows that it has a guarantor with sufficient solvency to fulfill this commitment ”, explained Bocanument.

To conclude, its president was emphatic that “we do not want any Colombian to be left without going to study due to lack of credit, that’s what our support is for”. He also stressed that their guarantees are not only given to cover the educational line, but also operate risk and profitability mitigation schemes for motorcycle loans, payroll, credit cards, among others.

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