Colfuturo is a non-profit public service institution founded in 1991 to help high-achieving Colombian students pursue post-graduate degrees abroad. Once a student has been accepted to a post-graduate program, the organization provides financing for tuition fees and living expenses on the condition that loan recipients return to Colombia to become leaders in their fields and build a brighter future for the country. 
 
Colfuturo incentivizes students to come home after earning their degrees by forgiving 50% of loan amounts for most master’s students and 25% for master’s in business students who have higher projected incomes. Loan recipients are selected based on prior academic achievement and their chosen post-graduate degrees.
 
Since its founding, Colfuturo has sent more than 5,000 students to some of the best universities in the world. In 2010, it raised extra donations to help 1,000 students afford post-graduate studies in 2011 alone. It hopes to support 2,000 students a year by 2014.
 
Colfuturo’s scholarship program grants a maximum of USD$50,000 per student for a period of two years. However, the organization also offers a number of support services to guarantee students’ success, including academic counseling, job placement services, and english course placement at the universities they attend.
 
In 2006, Colfuturo launched its Semillero de Talentos scholarship program, targeting students from more remote, lower-income regions and marginalized social groups. The three-year program is designed to help students who would not otherwise have the opportunity to pursue post-graduate degrees. 
 
Kiva loans will be funneled into the Semillero de Talentos program to help finance often prohibitively expensive application costs. These include exam and application fees, document translation fees, visa expenses and transportation expenses to major cities for interviews and exams. Kiva loans will also support students who need additional language courses in order to qualify for an international degree. 
 
Students posted on Kiva come from state and private universities and are likely the first in their families to access higher education. Loan amounts vary between USD$500 and $3,000, with 18-month repayment terms and 0% interest. Students who do not receive a Semillero de Talentos scholarship will be permitted to repay on a monthly basis. Scholarship recipients are expected to repay loans in one lump sum the month after they start their graduate degree. Right now, Kiva loans are targeted to students with the best chances of receiving a scholarship.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Aug 31, 2012 Oct 12, 2005
Total Loans $27,950 $572,734,750
Amount of raised Inactive loans $0 $309,625
Number of raised Inactive loans 0 297
Amount of Paying Back Loans $20,550 $117,225,675
Number of Paying Back Loans 19 123,043
Amount of Ended Loans $7,400 $455,199,450
Number of Ended Loans 9 579,866
Delinquency Rate 0.00% 3.64%
Amount in Arrears $0 $2,779,164
Outstanding Portfolio $16,192 $76,342,031
Number of loanDelinquent 0 11,617
Default Rate 0.00% 1.08%
Amount of Ended Loans Defaulted $0 $4,922,248
Amount of Ended Loans $7,400 $455,199,450
Number of Ended Loans Defaulted 0 15,204
Currency Exchange Loss Rate 0.06% 0.07%
Amount of Currency Exchange Loss $17 $405,498
Refund Rate 1.97% 0.78%
Amount of Refunded Loans $550 $4,475,600
Number of Refunded Loans 1 5,003

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 44.83% 74.23%
Average Loan Size $983 $418
Average Individual Loan Size $983 $657
Average Group Loan Size $0 $1,823
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $6,070 $3,443
Average Loan Size / GDP per capita (PPP) 16.19% 12.15%
Average Time to Fund a Loan 1.95 days 5.49 days
Average Dollars Raised Per Day Per Loan $503.83 $76.15
  Average Loan Term 22.45 months 10.23 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 11 285,900
  Journaling Rate 0.00% 42.45%
  Average Number of Comments Per Journal 0.00 0.08
  Average Number of Recommendations Per Journal 0.00 1.94

Borrowing Cost Comparison (based on 2011 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Portfolio Yield N/A 32.00% 33.65%
  Profitability (return on assets) N/A 5.1% -1.29%
  Average Loan Size (% of per capita income) N/A 23.00% 41.84%

Country Fast Facts

Field Partner Staff

Natalia Burbano
Alex Connelly
Nelson Cuevas
Melissa Mendoza
Melissa Mendoza
Paola Ochoa
Cecilia Salgado
Jaime Sarmiento