Status update - June 2nd, 2015 

Kiva and Colfuturo have agreed to end their partnership after nearly 3 years and more than $32,000 in loans raised. This Field Partner has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank Colfuturo for the years of collaboration and wish them success in their future endeavors.


Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.

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 Lending Partner All Kiva Partners
  Start Date On Kiva Aug 31, 2012 Oct 12, 2005
Total Loans $32,550 $1,958,611,875
Amount of raised Inactive loans $0 $197,655
Number of raised Inactive loans 0 175
Amount of Paying Back Loans $0 $161,174,305
Number of Paying Back Loans 0 188,688
Amount of Ended Loans $32,550 $1,768,236,180
Number of Ended Loans 32 2,370,063
Delinquency Rate 0.00% 12.20%
Amount in Arrears $0 $12,200,290
Outstanding Portfolio $0 $100,036,204
Number of Loans Delinquent 0 72,767
Default Rate 0.00% 1.83%
Amount of Ended Loans Defaulted $0 $32,303,600
Number of Ended Loans Defaulted 0 84,786
Currency Exchange Loss Rate 4.04% 0.49%
Amount of Currency Exchange Loss $1,315 $11,931,838
Refund Rate 1.69% 0.54%
Amount of Refunded Loans $550 $10,526,300
Number of Refunded Loans 1 9,596

Loan Characteristics On Kiva

    This Lending Partner All Kiva Partners
  Loans to Women Borrowers 51.52% 78.22%
Average Loan Size $1,003 $392
Average Individual Loan Size $1,003 $589
Average Group Loan Size $0 $1,891
Average number of borrowers per group 0 8.3
Average GDP per capita (PPP) in local country $11,100 $5,599
Average Loan Size / GDP per capita (PPP) 9.04% 7.00%
Average Time to Fund a Loan 1.76 days 8.93 days
Average Dollars Raised Per Day Per Loan $568.33 $43.87
  Average Loan Term 22.64 months 11.47 months

Journaling Performance on Kiva

    This Lending Partner All Kiva Partners
  Total Journals 11 1,178,609
  Journaling Rate 28.13% 42.26%
  Average Number of Comments Per Journal 0.00 0.02
  Average Number of Recommendations Per Journal 0.00 0.57

Borrowing Cost Comparison (based on 2012 data)

    This Lending Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 0% APR 32.00% PY 27.02% PY
  Profitability (return on assets) -4.4% 5.1% -3.10%
  Average Loan Size (% of per capita income) N/A 23.00% 0.00%

Country Fast Facts

Lending Partner Staff