Conquer your student debt: Feenix™ crowdfunding
You are driven by your goals, and getting a tertiary qualification is often the first step many of us take in our journey towards success.
Balancing coursework, exams and often part-time work are demanding enough; mounting student debt shouldn’t have to be another burden weighing you down.
Thankfully, resources such as Feenix exist to help alleviate this financial pressure.
What is Feenix?
Launched in June 2017, Feenix is an innovative online fundraising platform designed to connect students registered at public South African universities with potential donors. It provides a transparent and accessible way for students to raise funds specifically earmarked for tuition fees or outstanding student debt.
The cost of tertiary education can be prohibitive, creating a significant barrier for many talented individuals. While a student loan can be the key to unlocking your potential, understanding its implications and actively working towards repayment are crucial for your future financial wellbeing.
The Feenix crowdfunding platform offers a lifeline, empowering students to ease the financial pressures associated with pursuing their academic dreams.
By connecting students with a network of individuals and organisations willing to invest in their future, Feenix plays a vital role in promoting access to education and fostering a more equitable society.
In May 2023, Feenix proudly announced that it had positively impacted the lives of over 3 700 students, facilitating the raising of over R160 million. This impressive figure highlights the platform's effectiveness in bridging the financial gap for students pursuing higher education.
Read more about how and why Standard Bank partnered with Feenix in 2017.
Who can benefit from Feenix?
Feenix is designed to support a diverse range of students. The platform is open to South African citizens and permanent residents enrolled at public universities. Recognising the unique challenges faced by international students, Feenix also extends its services to refugees and asylum seekers pursuing their education in South Africa.
To be eligible to use Feenix for raising funds, applicants must meet specific criteria:
- Registered student: You must be currently registered at a public South African university.
- Household income: Your combined household income must be less than R600 000 per year. This ensures that the platform prioritises students from lower-income backgrounds who are most in need of financial assistance.
- Fee statement: You must be able to provide a fee statement on your university's official letterhead, clearly outlining your outstanding tuition fees or student debt.
- Outstanding debt: You must have a current or historical outstanding debt to your university./li>
- Identification: You must provide a certified copy of your identity document.
For students who are asylum seekers, refugees or permanent residents, Feenix offers tailored support. You can reach out to Feenix directly by sending an email to [email protected] for specific guidance and assistance.
How does Feenix work?
The process of using Feenix is straightforward and designed to empower students to take control of their fundraising efforts.
- Verification: Once you meet all the eligibility requirements, your profile will be verified by the Feenix team. This ensures the integrity of the platform and builds trust with potential donors.
- Profile creation: You'll create a compelling profile that tells your story, highlighting your academic achievements, career aspirations and the impact that financial assistance would have on your life.
- Fundraising: Once your profile is live, you can start raising funds to go towards your student debt or tuition.
- Promotion: Share your profile widely on social media platforms, through email and by word of mouth. The more people who see your profile, the greater your chances of reaching your fundraising goals. Feenix also provides a comprehensive fundraising guide to help you get started and maximise your efforts.
Visit the Feenix website for information on how to get started on your profile.
Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).
Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.
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