Brazilian Ministry of Education establishes maximum income for FIES (Student Financing Fund).
For applicants to the Student Financing Fund (Fies), the maximum gross family income cannot exceed ten minimum wages (R$ 6.220,00). The new rules were published this Thursday (12) in the Official Gazette of the Union.
Brazil Agency - The Ministry of Education (MEC) has set a family income limit for those interested in financing their studies through the Student Financing Fund (Fies). The maximum gross family income cannot exceed ten minimum wages, according to the rules published today (12) in the Official Gazette of the Union. There was no income criterion for the student to be able to contract the financing.
In cases where the financing covers 75% of the course tuition, the student's monthly family income may be up to fifteen minimum wages. When the financing covers 50% of the tuition, the monthly income limit will be up to 20 minimum wages.
The program finances the tuition fees of students in private higher education institutions. The student only begins repaying the debt after graduation. Financing can be requested at any stage of the course through the FIES portal. Banco do Brasil and Caixa Econômica Federal are the financial agents of the program.
Student financing can be requested at any stage of the course and in any month. Since applications opened on January 31st of this year, 42.734 contracts have been signed and approximately 25 are in the process of being completed. Annual interest rates of 3,4%, longer repayment terms, and the creation of the Educational Credit Operations Fund are part of the rules that streamlined the FIES program in 2010.