Vittana

Person-to-person student loan

Information

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US United States
Web http://www.vittana.org/
Maturity

Mature

About the project Edit

Vittana works in developing countries to help build new student loan programs, often providing the first and only access to college loans in those countries. Their expertise is in building effective, strong student loan programs. Students from those programs then appear on their website. People from all over the world can then choose a specific student and, by making a micro-loan of $25 or $50 to that student, help him or her get access to higher education. Because the cost of higher education is much less in these countries (often under $1,000), a few co-workers, a youth group or some friends can completely fund a student's loan and help that student take a giant step forward in his or her life. Once a student graduates (in 12 months or less) and starts working, he or she begins to repay the loan. That money is repaid directly to the original lender. The success rate of Vittana loans is approximately 97%, new countries are being added every 1-2 months, and, in countries like Vietnam and Nicaragua, students are lining up and forming waitlists for Vittana loans.

Themes

In what ways is this project unique and creative? Edit

Vittana is a creative application of the Kiva model (the first person-to-person micro-lending website) to help finance education in developing countries.

What is the social value of this project? Edit

Around the world, Vittana lenders are helping students get access to higher education for the first time. Students receiving Vittana loans are able to focus on their studies instead of worrying about whether they'll be forced to drop out. Not only are more students able to finish college, but people who never dreamed of college are now able to go for the first time. Vittana works in the background to facilitate the loans you make directly to students but also works at the forefront of a global movement to bring student loans to young people throughout the world.

What is the potential of this project to expand and develop? Edit

What was the triggering factor of this project? Edit

What is the business model of this project? Edit


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