Financiación de la educación superior a través del ICETEX: estimación de necesidades de recursos a futuro y propuestas de mecanismos de fondeo

Abstract

ICETEX coverage, whether measured as the percentage of students enrolled in higher education institutions who are beneficiaries of the program or as the percentage of students who enroll in higher education institution and who receive financial aid, has gradually increased over time. However, this coverage has not evolved at the same rate as higher education coverage in recent years. With regard to the credit activity of ICETEX, the work shows the quality problems of the portfolio that characterize this type of schemes at an international level and the growing concentration of the entity sources of funding in the National Budget. The latter creates future concerns in an environment of fiscal difficulties and prospects of adjustment in government spending. In an environment in which the targeting of student loans moves towards quality higher education (accredited enrollment), of not taking actions, this can mean a reduction in the levels of coverage for ICETEX. The analysis different funding mechanisms suggest that the securitization of the loan portfolio seems to be one of the most viable mechanisms for the Colombian case.