Colfuturo is a Colombian non-profit organization whose main objective is to provide financial loans for Colombians and increase access high quality postgraduate studies abroad. Until now, Colfuturo’s beneficiaries have had debts increase at an astronomical rate which has made repayments impossible due to exchange rate. NB: Loans are given in US dollars but repayment is in Colombian Pesos.

From August 2014 (a period when depreciation was felt the most), debtors affected by the devaluation of the national currency have gotten together to and public place pressure on Colfuturo for an amenable solution. With the recent instability of the dollar, debts are now amounting in some cases to COP150, 000,000 when the initial loan was less than a third of that same amount.

The government’s position is the same as that of the student and has placed a National Economic and Social Policy (Conpes) 3862 Sanction with recommendations for Colfuturo to amend its loan-scholarships guidelines. The main objective listed on Conpes document page 7 is to "reduce the risk imposed by fluctuations in exchange rates" in the process of acquiring a loan.

Colfuturo’s beneficiaries are feeling victorious since this is the first time that the Colombian Government has shown recognition that students should not be assuming financial responsibility caused by a volatile currency. The new conditions set-up in the Conpes sanction will be approved by the Board of Directors from Colfuturo, who will also make the decision as to whether to accept, modify or reject the government’s proposal. Read more.

For the past 25 years, Colfuturo has financed postgraduate education programs for nearly 10,000 students in 28 countries. Colfuturo has signed over 70 agreements with several institutions that serve to award full or partial scholarships to students supported by the foundation.

The last official reports show that 2015 was the year with the greatest amount of students (1.590) and 20% of them chose the United Kingdom as their academic destination. Many of the British institutions that award Colombian students through Colfuturo will be present in the Education UK Exhibition 2017. To sign up for this event click here