Wafunda Launches Chancen ISA in South Africa
As of July 2021, the Chancen ISA will now be available in South Africa, offering young people an invaluable opportunity to fund their education without a crippling debt burden handicapping their future financial independence.
The Chancen ISA was launched through a partnership with Hameln WaFunda, a for-profit social impact enterprise focused on enabling and delivering education, training & learning, entrepreneurial & work programmes, and educational financing to young people.
As the licensee of the Chancen ISA in South Africa, WaFunda works to select and contract Partner Education Institutions (PEIs), sign Chancen ISAs with qualifying students, and manage the disbursements and repayments of funding from Chancen members throughout the Chancen membership lifecycle.
In it’s inaugural year, the Chancen ISA will be available for students studying at BluLever, a Chancen ISA PEI, which offers holistic vocational educational programmes to prepare young people to be active and engaged actors in the fourth industrial revolution.
About the Chancen ISA
The Chancen Income Share Agreement (ISA) is an innovative financing contract for students seeking access to quality, tertiary education, without the burden of immediate repayments, high interest, and collateral security.
Fair & Ethical Finance
Unlike a traditional student loan, bursary, grant or scholarship, students enter into a partnership with the Chancen ISA provider where they agree to repay the amount financed for their tuition when they are gainfully employed and earning above a certain threshold. Repayments are proportionally pegged to their income from the time they become employed and earning above a certain threshold.
A Connected and Engaged Community
A unique feature of the Chancen ISA’s life cycle is that students join a vibrant, nurturing and engaged community as soon as they sign their ISAs. As members, they access a customised skills building journey where they learn financial literacy and workplace readiness strategies. Members also get to connect with other young people who can create the social cohesion and connectedness to navigate the transition from youth to young adulthood with resilience.
Quality education that leads to employment
Currently, the Chancen ISA is made available through partnerships with educational institutions, youth organisations and social enterprises working to create opportunities for equal access to education and equipping young people to be fit for purpose as they enter the world for work. Chancen International conducts country feasibility studies to assess targeted potential education partners who can offer the Chancen ISA to students who fit the Chancen ISA criteria. Upon successful completion of the due diligence process, partners are invited to hold a Chancen ISA license for their country. There is only one Chancen license awarded per country.