The student loan program run by the Instituto Colombiano de Credito Educativo y Estudios Tecnicos en el Exterior (ICETEX) has three main objectives: to increase the country's supply of highly skilled manpower, to achieve more equality of educational opportunity, and to provide a meaningful source of finance for higher education. An analysis of 4,100 accepted loan applications from the years 1969-1971, or about 15 percent of the total loans granted during that period, reveals that success in reaching ICETEX's objectives has been mixed. By concentrating loans in particular fields of study, ICETEX has had a substantial impact on the structure of the country's educated manpower. While loans to students in Colombia's public universities tend toward equalization of educational opportunity, loans to students in private schools are often larger and go to more socially privileged students. Since public university tuitions must be kept low for political reasons, loan moneys go either for tuition at more expensive private colleges or pay student living costs, and provide no effective financial assistance to the public institutions. Extensive tables displaying the research findings follow a discussion of possible improvements in the ICETEX system. (Author/PGD)