Banco ADOPEM and the Universidad de Psicología Industrial Dominicana (UPID) have signed a collaboration agreement to cover the costs of students’ further education through the EDUCA-T education loan program.
The young people who are enrolled or who wish to enroll in the UPID will receive a loan, in the terms laid down by Banco Adopem, in order to guarantee their inclusion and continuation in the education system and the completion of their studies.
The agreement establishes a fixed rate of 18%. During the period of study, the recipients pay only the interest on the amount of the loan, after which they have an additional six-month grace period after graduation. Once this period has elapsed, the capital must be repaid.
Banco ADOPEM covers the costs of enrollment, maintenance (transport, books or copies) and the equipment required for the university course.
The agreement was signed by Juana Pimentel and Soraima Reyes, academic vice-rector and financial vice-rector of the UPID; Mercedes Canalda de Beras-Goico, executive president of Banco ADOPEM, and Eva Carvajal de Toribio, executive and business vice-president at the bank.
Also present at the signing were Hovel Matos, coordinator of Education Loans at Banco ADOPEM and –on behalf of the UPID– Ricardo Winter Castillo and Josefina Carvajal, rector and director of the CEPID education center respectively.
The term of the agreement is one year, renewable for the same period.
EDUCA-T Education loans:
As part of its commitment to improve its customers’ quality of life and its social mission to create a positive impact on people’s lives, Banco ADOPEM’s Education Loan Unit promotes educational progress in the Dominican Republic.
This Unit designs products and services to fund education, and covers the specific requirements of students based on the need for academic training and demand for labor in the country. It currently offers funding for the technical high school certificate, technical-professional studies, degree studies, and for maintenance and the purchase of equipment.