The opportunity for financial relief has arrived for many Brazilian students. President Lula recently signed a revolutionary law offering a golden opportunity to renegotiate debts with the Student Financing Fund (FIES). This measure, part of the National Pact for the Resumption of Unfinished Works, promises significant discounts on interest and fines. For students in debt, this is an unmissable opportunity.
Currently, Fies has accumulated around 1.2 million defaulted contracts, totaling an impressive debt of R$1,001 billion. Given this scenario, the Minister of Education, Camilo Santana, highlighted the importance of the change. Thus, he announced discounts of up to R$1,001 billion in interest and fines for program beneficiaries. This initiative aims to make Fies more accessible and social, facilitating access to higher education for young Brazilians.
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Who can take advantage of Fies discounts?
Students eligible for renegotiation have been categorized into three distinct groups. Each group has specific renegotiation conditions. For example, students outside the Emergency Aid can get up to 77% discount on their debt, payable in up to 15 monthly installments. Students who received Emergency Aid in 2021 or are registered in the Single Registry with debts overdue for more than 360 days have different conditions.
How to renegotiate debts?
The renegotiation process is simple and begins with checking eligibility in the Fies app, available for Android and iOS. After checking eligibility, the student must follow a few steps to complete the renegotiation. This includes confirming the contract data, simulating the renegotiation options, confirming the renegotiation data, accepting the terms and conditions, and finally issuing and paying the agreement's down payment slip.
This new legislation and the simplified renegotiation process represent a great relief for students in arrears. At the same time, they reinforce the importance and accessibility of higher education through Fies.
