Renegotiating FIES debt: how to do it and what are the deadlines?

Find out how to renegotiate your Fies debt!

Renegotiating your Fies 2022 debt is important for those who have delayed paying their financing.

However, the request can only be made within the deadline and in accordance with the program rules.

As the program itself defines the deadline for requesting renegotiation, the beneficiary must pay attention to the official website.

To better understand the subject, continue reading! We will explain how it all works.

“I have debts with Fies. Could my name be tarnished?”

Yes, anyone who has any debt with Fies may have their name blacklisted.

Failure to pay the debt results in the student's CPF being included in the credit protection agencies' defaulters' registry.

This can cause some problems for the student if they wish to apply for loans, credit cards, installment purchases and even other financing.

Furthermore, whoever has this debt, may have their name included in CADIN (Informational Registry of Unpaid Credits of the Federal Public Sector).

Taxpayers registered with Cadin are unable to access the Tax Compliance Certificate (Negative Debt Certificate).

How to calculate Fies debt?

To find out what your outstanding balance is, you must access the official Fies portal.

When you log in, a new page about your loan should open.

You will be able to check your balance and outstanding statement.

The entire amount paid by the Government to the educational institution makes up the FIES outstanding balance.

In other words, anyone who got a zero interest rate, for example, knows that the outstanding balance corresponds to the sum of all monthly payments.

For those who signed the Fies contract with interest rates, this percentage will be added to the outstanding balance, which will increase over time.

For this reason, it is necessary to look for alternatives to regularize the situation.

Is it possible to renegotiate Fies debt?

Yes, there is the possibility of renegotiating your Fies debt.

For those who have already paid part of their debt or are late on one or more installments for at least three months, there are two alternatives.

The first is to request a new installment plan. This way, the outstanding balance will be divided again into 48 installments.

In addition, it is also possible to include the overdue amounts in the installments due. However, in this case, there will be no change in the interest rate, which was initially defined.

In both cases, to carry out the renegotiation process, it is necessary to offer a down payment, which can be an amount of R$1,000.00 or which corresponds to R$10% of the consolidated value of the debt due.

According to the MEC, debt renegotiation should begin on March 7 and continue until August 31, 2022.

Federal Government regulates rules for renegotiating Fies debts

On February 10, 2022, The Federal Government regulated Provisional Measure (MP) No. 1,090, which defines the rules for the renegotiation of debts from Student Financing (Fies) contracts, which were agreed upon up until 2017.

For now, of the 2.6 million active contracts signed up until 2017, more than 2 million are in the settlement phase, with an outstanding balance of R$87.2 billion.

Of these, more than one million students are considered in default, that is, they are more than three months late in paying their bills. This represents a default rate of more than 50%.

For those with debts up to 360 days overdue, the measure provides for a discount of 12% on the outstanding balance, exemption from interest and new installment conditions.

For those with debts more than 360 days overdue, the Provisional Measure provides for a discount of 86.5% on the outstanding balance.

If the student in question is registered with CadÚnico or is a beneficiary of Emergency Aid, the discount can reach 92%.

Banco do Brasil and Caixa Econômica Federal will offer renegotiation of student debts.

Starting March 7th, students will be able to negotiate their Fies debt digitally, through Caixa Econômica Federal.

However, in the Web Box Sifes, you can now check whether or not you can carry out the transaction according to the defined rules.

At Banco do Brasil, through the bank's app, it will also be possible to negotiate digitally.

In addition to the app, hiring can also be done at physical Banco do Brasil branches.

Does the FIES debt expire?

As with other types of loans, Fies debt does not cease to exist after 5 years.

This is a very common question among students. In conventional loans, credit protection agencies remove the debtor's CPF from the defaulters' registry after this period.

But with Fies debt, the process is a little different. After five years, the defaulter's name will remain on the negative list.

Furthermore, he runs the risk of having his assets seized, since the debt is directly linked to the Federal Government.

How does Fies work?

At the beginning of each academic semester, Fies opens registrations for students interested in the student financing contract.

During graduation, students will not pay tuition fees.

After completing the course, the beneficiary must pay the amount financed by the government in monthly installments.

Fies is the main student financing program in Brazil. It is through this program that many students are able to enter private universities.

Currently, to enroll in the program, you must meet two requirements:

• Have a family income of up to three minimum wages per person

• The ENEM exam score must be higher than 450 points, compared to the essay score, above zero.

On the Fies portal, you can follow the entire registration process.

Conclusion

Now you know that it is possible to negotiate FIES debt and, contrary to what they say, this debt in question does not expire after 5 years.

Therefore, if you are having difficulty making payments, it is very important that you try to renegotiate the payment of installments as soon as possible.