COLFUTURO Clause Samples
The COLFUTURO clause establishes the terms and conditions related to the involvement of COLFUTURO, a Colombian foundation that provides educational funding, within the agreement. Typically, this clause outlines the obligations of the parties regarding the administration, repayment, or reporting of funds provided by COLFUTURO, and may specify requirements for maintaining eligibility or compliance with COLFUTURO’s policies. Its core function is to ensure that all parties understand and adhere to the specific rules and responsibilities associated with COLFUTURO funding, thereby preventing misunderstandings and ensuring proper management of educational support.
COLFUTURO. ´s Loan-Scholarship is granted in US Dollars. All payments to beneficiaries (i.e, settling allowance and living allowance) are done in US Dollars but COLFUTURO can pay tuition to universities in other currencies. However, COLFUTURO beneficiaries have the obligation to assume any discrepancy arising from foreign exchange fluctuations, between the US Dollar amount requested to COLFUTURO and the other currencies.
COLFUTURO pays annual tuition and fees (and health insurance, when this is included as part of the University’s fees) directly to the universities in two installments: For those beneficiaries who begin their program during the second semester of the year: • First payment: November 15th, Student must submit the corresponding invoice to COLFUTURO not later than October 31st • Second payment: March 15th, Student must submit the corresponding invoice to COLFUTURO not later than February 28th For those beneficiaries entering during the first semester of the year, the payment scheme is vice-versa, first payment in March and second payment in November. Some programs of study require that students register full time during the summer semester (May to August) at UdeM. In those cases, the beneficiaries are responsible to pay the associated tuition and fees (and health insurance) on their own.