More than 15,629 people have applied for these income loans since they began to be offered in 2007. In the first two calls, that is, in those of 2007 and 2008, students were only asked to repay the loan from the moment the one that began to receive a salary of $ 22,000 a year. But this clause was modified as of 2009, at which time a period was established to proceed with the repayment of the loan. Regardless of their income, borrowers were required to repay the loan amount on time.
Why do you need to repay the loan?
As indicated by the platform affected by the income loan, this modification in the contracting of said loan was not notified to those who already enjoyed it. In addition, the new applicants received very deficient information in this regard. During the four years that the possibility of availing the income loan lasted, the Ministry of Education decided to change the name of said aid. In the words of the Ministry of Education itself, this loan was a real trap for the students because it was very poorly designed. For this reason, in 2011 it was decided to delete it.
According to the lawyer of the Association of those affected by the rent loan, the conditions were hardening year after year. Some entities that collaborated in the granting of this loan, such as Fine Bank, explain that the Ministry of Education is the only one that has the power to change the conditions of the loan since the income that was offered to the students came from public funds. As they explain, in addition, the ICO was the actual person in charge of lending the money while the financial entities that supported the initiative only functioned as mere intermediaries.
Loan for young people
Given the continuous complaints and claims by the students who were affected, the Government decided to extend the grace period for the return of income loans. This extension was offered to all those who had serious difficulties in repaying the credit.
A real deception for young people who have not had a job opportunity after completing these master’s degrees and who now find themselves in the position of repaying a loan that in theory had no interest but also turned out to have them.