Call for applications opens for 1,300 Colombians to pursue postgraduate studies abroad

Source: Semana magazine.

Figures from the Labor Observatory for Education in Colombia indicate that between 2001 and 2017, approximately 4.3 million people in the country completed their higher education studies. However, of that total, only 21.72 percent, or about 932,000, have pursued postgraduate studies. Of those with postgraduate degrees, 84 percent completed a university specialization and 14 percent a master's degree.

This situation shows that many professionals in the country do not continue their higher education, which is why financing programs, forgivable loans and scholarships take on special relevance in a job market that is increasingly competitive and where postgraduate degrees add weight to the professional profile.

With that in mind, The new Ministry of Science and Colfuturo launched the 'Scholarship-Credit 2020' program, in which the country's top professionals can apply to pursue postgraduate studies at the world's leading universities. Applications will be accepted until February 29.

This program allows beneficiaries to obtain up to 80 percent forgiveness on the educational loan approved and disbursed by the Foundation. The percentage of forgiveness will depend on the field of study, the city of residence upon their return, and whether the employment is with the government, the education sector, or in research.

According to Jerónimo Castro, director of Colfuturo, this year's call for applications is expected to select around 1,300 Colombians who will benefit from the scholarship loan that grants up to $50,000 per student.

“To participate in our selection process, you don't need an admission letter; you only need to indicate the program you wish to finance. The excellence of the chosen program is one of the main factors in increasing the likelihood of being selected,” Castro explained.

Professionals wishing to participate in the Scholarship Loan program must be proficient in a second language, choose a master's or doctoral program to be pursued abroad, and complete the online form at www.colfuturo.org/convocatoria.

The tuition forgiveness method will be 20 percent for those pursuing MBAs, Master's degrees in Administration or Law, 40 percent for Master's degrees in all other areas and for all doctoral degrees., A 20 percent discount is offered to those who, after completing these studies, return to work in the government, education, or research sectors; and another 20 percent discount is offered to those who return to work outside of Bogotá. These discount percentages can be combined.

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