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Ecuador - Guidance To Apply Student Loan

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Designed to help students pay for university/college tuition, books, and living expenses, student loan differs from other types of loans with its interest rate substantially lower and repayment of the loan may be deferred while the student is still in school.

Some banks offers this specific type of loan to their customers. A student loan can also be obtained through a government student loan program, this may not be the case in all countries so it will be better if you will check first if such program exists.

Following is a guide on how students can apply for a loan or seek financial aid in Ecuador.


Instituto Ecuatoriano de Credito Educativo (IECE) : Ecuadorian citizens or foreign residents, who wish to study in a university or a college, take further education, professional training and do research in Ecuador or abroad.

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Student Loans in Ecuador - Banks

Some banks in Ecuador offers loans that can be used for educational purposes.

Instituto Ecuatoriano de Credito Educativo (IECE)

The Government of Ecuador offers loan to eligible and deserving students, the loan amount can be used to help pay for school related expenses.

  • IECE's interest rate is fixed at 7.80%.
  • You can be granted a grace period of one year while you are getting certified before you start repaying your loan.
  • The student loan can take about a maximum of 24 years to be completely repaid (this includes the time when you are still studying, getting certified and the grace period).

Applications for a student loan can be processed through Banco del Pacífico.

Required Information

A list which displays the kind of information which is required to complete the procedure.
1. Date of Birth.
2. City or County of Birth.


Applying for a Student Loan - Banks

  1. In reviewing loan applications, banks will usually take into consideration the applicant's character, capacity to repay the loan and ability to comply with the bank's conditions. To help them evaluate your application, they might ask you to present some form of identification or evidence that you are currently enrolled in an educational institution.
  2. For banks to know how much you will need to borrow, they will need a computation of your tuition fees, accomodation fees if there's any, school materials etc. Banks may also ask you to provide information about your income/parent's income.
  3. Some banks may require you to present a guarantor to co-sign the loan agreement. Requirements for guarantors are usually someone of good standing, professional and with fix monthly income.
  4. Search online for banks that offers student loans in Ecuador. Get in touch with the bank to inquire about their application process and which documents do they require their applicants to submit. Make sure you can present and submit all the required documents that the bank is asking for.
  5. Check if you can start your application online. Some banks will ask applicants to complete a preliminary application online. After reviewing the application, a bank representative will contact the applicant to tell them where can they submit their application and what documents will they need to produce.


  • Before you apply for a loan, carefully take note of the interest rate, conditions and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process. One thing that you also need to consider in choosing where to apply for a student loan is the bank's customer service, since this type of loan can take years of continuous correspondence between you and your bank, it will be much better if your bank has a good and accommodating customer service, this will save you from a lot of stress in the future.
  • You may not need to accept the entire loan amount the bank is offering you. Since you will be paying back the loan sometime in the future, it will be more ideal if you will only borrow what you need.

Instituto Ecuatoriano de Credito Educativo (IECE)

  1. Applications for a student loan through IECE can processed by Banco del Pacífico. Go to the bank's website to know more.
  2. Start your loan application by completing a preliminary application online.
  3. Online credit pre-approval, it will inform you of documents you will need to submit personally it will also inform you where you can submit the documents, ideally the one nearest to you.
  4. Submit all the required documents.
  5. Sign the contract.
  6. Start receiving disbursements.

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Required Documents

Checklist of documents to be submitted to Banco del Pacifico (PDF)


Explain the fees structure which is required for obtaining the certificate/document.


Instituto Ecuatoriano de Credito Educativo (IECE): The student loan can take about a maximum of 24 years to be completely repaid (this includes the time when you are still studying, getting certified and the grace period).

Documents to Use

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Sample Documents

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Processing Time

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Office Locations & Contacts

Instituto Ecuatoriano de Credito Educativo (IECE)
IECE (Matriz Quito)
Alpallana E7-183 entre
Av. Diego de Almagro y Whymper
Quito – Ecuador
Telephone: 593-2 399 0400

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Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "" Video ID is "Y0US7oR_t3M". 

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

  • Instituto Ecuatoriano de Credito Educativo y Becas:
  • Instituto de Fomento al Talento Humano:


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