Since the Feenix platform was initiated in 2017, the community has successfully raised over R85.6 million, which has impacted 2325 students.
Johannesburg, South Africa (12 December 2021) – By November 2021, Feenix paid out over R21.3 million in tertiary education funding to 351 students in need of financial aid across the country as part of its ongoing mission to democratise education for South African students.
The economic impact of the ongoing nationwide lockdown has strained students’ ability to fund their tertiary studies. Through these pay-outs, Feenix sought to enable students to enter 2022 with a stronger sense of certainty in an uncertain economic context.
Feenix is a digital crowdfunding platform for students to connect with communities and funders to pursue debt-free education. Corporate and individual funders can invest an amount of their choosing in youth education through the platform by contributing to the remaining balance of a student’s university fees.
“The pandemic has been a catalyst of turbulence for students who need financial support for their studies. While tertiary education fees were already quite high pre-pandemic, funding challenges for students have been exacerbated by the private sector’s tight-pursed response to the national COVID-19 lockdown,” says Leana de Beer, Chief Executive Officer of Feenix.
“Since we initiated the Feenix platform in 2017, the Feenix community has successfully raised over R85.6 million, which has impacted 2325 students,” added De Beer.
Before funds are disbursed, the outstanding debt for each student is verified by Feenix with the educational institutions and is then paid out through the Feenix platform to the universities on a quarterly basis.
Any excess funds raised can be allocated to another student who has not yet reached their fundraising goal.
“These contributions have a truly meaningful impact on students’ concerns about their future. Educational funding challenges have a highly detrimental impact on the daily lives of students, including their levels of anxiety and academic progression, and so we thank this year’s stakeholders for playing a prudent role in alleviating pressure,” says De Beer.
In its 2021 Impact Report which surveyed 295 Feenix students, the organisation measured students’ sense of empowerment in pursuing higher education success through four Thrive Driver indicators: grit, emotional support, financial stability and academic progress.
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“While we are encouraged by funders’ commitment to helping students pursue debt-free education, we remain committed to supporting students in their overall journey by bringing financial stability into the lives of students as well as a sense of belonging and community,” concludes De Beer.
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