The pilot phase of the Wesolve4x Student Debt Stokvel was a resounding success with 102 South African graduates being assisted to wipe out their academic debt.We are now calling upon more South Africans to contribute towards decreasing the scourge that oppresses many people in our nation. By 2021 the level of Student debt in the country amounted to R14 billion, reflecting a seriousness of the crisis which we believe can be resolved if we combine our efforts.
At the beginning of the year Wesolve4x celebrated with the first group of beneficiaries whose cumulative debt amounted to R1.3 million. They attended the occasion together with their families. While the event was a celebration, we also experienced sombre moments when some people reflected on their difficult journey and negative impact that financial lack has had on their ability to progress in life.
The level of poverty and strife amongst our people has increased with many families losing a source of income because of the Covid 19 pandemic. The funds were raised through a model that involvescontributions from members of the public and donations from bigger entities.
We are proud that this movement started with R100 contributions from parents and elders in our communities who helped us raise our first R15 000. This was topped up by Buhle Waste of R600 000. Further contributions were made by members of the community,Buhle Waste, Actuarial Society of South Africa, Association of Black Actuarial Professionals, MBE consulting, Algorithm Consultants and Actuaries and Think Fast Group helping us to surpass the R1 million mark. The organisation had more than 7000 people on their database at the beginning of the process and are welcoming more people to register.
Wesolve4x Founder Tsietsi Ngobese was inspired to develop the actuarial model behind that initiative when he experienced the Fees Must Fall uprising and struggled to settle his tuition fee , while studying at the University of the Free State in 2015.
“I knew that we had to find a sustainable solution to empower all students in South Africa to access high education from all walks of life through the unity of all South African citizens. However, it took years for us to refine the model until we launched the pilot in 2021 November and I understand the pain of not being able to pay tuition fees,” says Ngobese.
The Stokvel allows South Africans to donate R100 or any amount monthly to pay off student debt and subsidise tuition fees with the aim of settling the existing student debt, making education affordable by subsidising tuition fees for disadvantaged students and inspiring citizens to play a role in the development of all students through unity.
Students or graduates whose debt has been successfully paid off has to sign 5 year agreement, that they would dedicate part of their time towards community service projects. These include tutoring maths or English, mentoring learners who are interested in the career path the graduate has studied towards and using their skills to help their communities.
“This is our way of creating an empowerment cycle by making sure that everyone stands to benefit. Our progress as a country also depends on creating a culture of uplifting those around us,” says Ngobese.
