Feenix Trust recently paid out R24.5 million to assist with student debt

By now the fact that the unemployment rate is the highest it has ever been in South Africa should be known by many.

This coupled with student debt, which is estimated to be in excess of R5.3 billion from NSFAS alone, and the prospect of heading to a tertiary institution to further your studies is an extremely daunting one.

It is why organisations like the Feenix Trust and its efforts to help address student debt in South Africa is so pleasing to hear.

The student crowdfunding organisation has announced that it has paid out R24.5 million to assist students with their debt recently. Since its inception in 2017, the Feenix Trust has issued R117.1 million to help with student debt, with roughly 2 780 students being assisted in the process.

Of the recent “cohort” of students that were helped, the organisation highlighted Brandon Lee Kruger, who is in the final year of his ICT (Information and Communications Technology) studies at The Cape Peninsula University of Technology (CPUT) and received an email confirming that his debt had been settled.

He can now potentially enter the job market without that massive financial burden looming overhead.

For many young South Africans like Brandon, accessing tertiary education is one of their biggest obstacles. Often, access to education is out of reach with many forced to abandon their studies because they are unable to afford student fees,” notes Leana de Beer, CEO of Feenix.  

Just over 30% of the students funded this quarter were either graduates or final year students. Thanks to the financial relief of crowdfunding, they’ll be able to enter the job market and pursue their dream careers.100% of the funding went to students from previously disadvantaged groups, of which the large majority are from historically disadvantaged universities. This is contributing massively towards transformation goals within the workforce as well as the Higher Education sector,” adds Feenix in a press release sent to Hypertext.

To find out more about the student crowdfunding platform, head here.



[Image – Photo by Redd on Unsplash]


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