COLFUTURO-McGill Funding Program

COLFUTURO will provide funding for a maximum duration of 2 years:

• For PhD and Thesis Masters, COLFUTURO will provide funds sufficient to cover the cost of:
  1. Program/ancillary fees (approx.1,700 CAD/year),
  2. Health and living insurance per year for the student (approx. 1,100 CAD),
  3. A stipend, paid directly to the student to cover living expenses (minimum of 1,800 CAD/month),
  4. Return airfare.

Combined amounts from COLFUTURO cannot exceed a total of 50,000 USD for the duration of the funding program.

• For all other Non-Thesis Master’s programs including self-funded programs (MBA, MMF, MMA, MMR and MPP):
  COLFUTURO will provide "loan-scholarships" to cover university fees and living expenses. This “loan-scholarship” will have a minimum value of 5,000 USD, not to exceed 50,000 USD. Amounts are determined by COLFUTURO’s policies and procedures.

McGill will provide funding as follows:

• For PhD and Thesis Masters programs: McGill will cover the full cost of tuition, as set each year by the Quebec Ministry of Higher Education (approx. 18,000 CAD annually for PHD and approx. 20,000 CAD annually for Thesis Masters) for the duration of their COLFUTURO funding.
• For Non-Thesis Masters (excluding self-funded programs): McGill will award a minimum of 4,000 CAD per year to offset the cost of tuition and ancillary fees for the duration of the COLFUTURO funding.
• For the Master of Business Administration (MBA): For students admitted into the MBA, the tuition support will be equivalent to 20% of the current tuition rate for the totality of the program. The support is limited to two years, in which the student is expected to complete the MBA program.
• For the Master of Management in Analytics (MMA): For students admitted into the MMA, the program will provide tuition support equivalent to 4,000 CAD for the totality of the program. This support is limited to 12 or 16 months (depending on which track the student opts for), in which the student is expected to complete the MMA program.
• For the Master of Management in Finance (MMF), the Master of Management in Retailing (MMR), and the Master of Public Policy (MPP): The MMF, MMR, and MPP programs will offer 4,000 CAD per year to offset the cost of tuition and ancillary fees for the duration of the COLFUTURO funding.

• Must be a citizen of Colombia
• Satisfy the selection criteria set out by COLFUTURO.
• Must apply and receive an Offer of Admission from a McGill graduate program.

Candidates shall apply directly to COLFUTURO for funding under the COLFUTURO-McGill Funding Program following the procedures set by COLFUTURO.

The loan turns into a partial scholarship when the student returns to Colombia and resides there for a pre-established period. To qualify for the scholarship, the student must comply with all the requirements previously agreed with COLFUTURO. The scholarship is granted as follows: 20% for MBA programs and masters in administration and law, and 40% for masters in all other areas and all doctoral programs. Two additional 20% bonuses can be given as follows:

1. Beneficiaries who work full time in the public sector or as academics or researchers will receive 10% during the first year, 5% for the second year, and 5% for the third year, to get up to 20%.
2. Beneficiaries who work in a city different from Bogotá or its metropolitan area will receive 10% during the first year, 5% for the second year, and 5% for the third year, to get up to 20%.

The beneficiary must pay the loan component monthly, upon his or her return to Colombia, according to the established amortization period, which cannot exceed a 5-year term.