More than 9,000 young people and their families have financial problems, due to large debts that originated in an educational loan. In some cases, the debt reached almost double the amount that was initially requested.
The values rose because the debts were transferred to different institutions, which triggered the interest, in addition to the collection of fees for external lawyers. Those affected commented that this was enhanced without prior notice.
Added to this is the lack of employment and the economic crisis generated by the pandemic, which prevents citizens from obtaining income to pay off their debts. People are desperate because they can lose their homes and other assets that are held as collateral.
Carlos Jaramillo, president of the group of people affected by educational loans, commented that citizens applied a Law that allowed them to waive interest and fines, in order to apply for credit. However, the leader commented that they were charged the interest for the “year of grace.”
Santiago asked the Ecuadorian Institute of Educational Credits and Scholarships to grant him USD 85,000 dollars, in 2013; he finished his studies and returned to the country. However, he has not found a job that allows him to pay the debt that amounted to USD 150,000.
Also, Valeria is the mother of a young man who lost USD 48,000 in an alleged flight school that scammed them. The woman asked that they not charge such high interest.
In the same way, María José Zumba made an educational loan for USD 15,000 that she had to start paying from the beginning of the pandemic: she has not found a job and the debt increases every day.
Banco del Pacifico is in charge of collecting these debts.
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