Most people's dream is to go to college, but not everyone can afford the tuition. For this reason, the Fies student program offers the possibility of financing tuition fees with the beginning of payment after graduation. However, users of faithful accumulated a huge debt. See more details below!
The number of defaulters in the Fies program is surprising
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First, let's better understand what the program is about:
The Higher Education Student Financing Fund is a program of the Ministry of Education of Brazil, created in 1999, intended to finance graduation in higher education for students enrolled in non-free institutions.
According to information requested by the FNDE, Fies had the highest number of users in 2014, reaching a total of 731,957 students. However, in many cases there were delays, which resulted in thousands of defaulted contracts.
After all, what is the total debt amount of program users?
The Federal Government recently announced the total debt of defaulting users. The value reaches R$11.3 billion reais.
In more detail, this number means that 53.7% of former students, who are in the payment phase of the program, have their payment installments overdue for at least three months.
Camilo Santana, Minister of Education, was surprised by the numbers and said, on his social networks, that the default of Fies is very high.
Was there any specific reason for this significant increase?
Research reveals that the default rate increased a lot during the pandemic, as, as we know, thousands of people lost their jobs.
In order to help these people, the program proposed a renegotiation that could grant up to 99% discount, but only 6.7% of the eligible contracts were renegotiated.
Will these users have to pay, in fact, this debt?
Well, the Student Financing Fund says that users who are in default must pay, at some point, the entire amount owed to the program.
