Brasília, March 5, 2004 (Agência Brasil - ABr) - The nearly 200 thousand ex-students who received loans from the old Educational Credit Program (Creduc) and have still not paid off their debts now have a special reason to do so. The Federal Savings Bank (CEF) decided, in conjunction with the Ministry of Education, to offer discounts for the purpose of closing the accounts of the Creduc, which was terminated in 1997.

Based on Provisional Measure 141, which was issued in December, 2003, and authorizes the CEF to renegotiate debts more flexibly, directors of the bank and the Ministry decided at a meeting last night (4) that the holders of the 199,212 outstanding contracts, totaling R$ 2.1129 billion, will be entitled to discounts of 90% for those whose payments are up-to-date and 80% for those who are behind in their payments.

The contracts can be renegotiated after February 23 in terms ranging from payment in full to 12 installments. (DAS)