Students who meet the admission requirements for the Programs will submit a LoanScholarship application to COLFUTURO, following the normal application procedures and meeting all the standard requirements established by COLFUTURO.

Students who are offered a place for full-time graduate studies at EXETER and who are selected as beneficiaries of the Loan-Scholarship Program of COLFUTURO will be eligible to receive a 20% recurrent discount on their annual tuition fee for a maximum of two years.

All eligible taught Masters Students who are accepted by EXETER and COLFUTURO by the published scholarship deadline will be considered for the Ayudar Scholarship shared financing under this Agreement. They will be interviewed by the Ayudar Scholarships panel who will make the final decision as to which Students will receive the funding. At least one eligible Student per academic year is expected to receive this funding under the Joint Graduate Loan-Scholarship Program, though the panel reserve the right not to make an award. EXETER will inform COLFUTURO of the panel’s decision.

For the student/s selected as beneficiaries of Ayudar Scholarship the following funding terms will apply:

• The maximum funding commitment of both Parties per Student will be for two (2) years full time study.
• COLFUTURO will pay EXETER a maximum of $50,000 per Student towards EXETER’s tuition fees for that Student, in accordance with the payment schedule in Annex 1.
• EXETER will waive any outstanding amount on the tuition fees for a Joint Graduate Loan-Scholarship Program Student if there is a shortfall for that Student after application of the 20% discount and receipt of a minimum of $25,000 per year from COLFUTURO.
• EXETER will provide each Student registered at EXETER under this Joint Graduate Loan-Scholarship Program with an annual stipend of an amount in line with the UK Research Council recommendation. As an indicative guide, this is currently about £20,780. Payment of the stipend will commence when the Student has enrolled at EXETER, and will be paid in monthly instalments. Where a Student withdraws or  interrupts the Program, the stipend payments will stop from the date the Student ceases to be a registered student of EXETER. Where a stipend payment has been made to a Student in advance, the Student may be required to repay a proportion of the stipend to cover any over-payment after the date the Student leaves the Program.