Faces Of Vittana

In developing countries, college can cost several hundred dollars per year -- and yet, if you don't have the money to go, you won't. There's no such thing as school loans -- public or private -- making an education the ultimate privilege.

Vittana aims to change that. Vittana works with microfinance organizations worldwide to help students in developing countries graduate from college and break the cycle of poverty. Through Vittana, people from around the world pledge money to students -- often in small increments -- and help them to achieve their dreams.

Vittana CEO Kushal Chakrabarti explains:

In just 10 months, Vittana has built some of the first college micro-loan programs in six countries around the world including Nicaragua, Peru and Vietnam. $10 and $25 at a time, more than 750 people from over 15 countries have funded over $100,000 in loans to nearly 200 students around the world -- 200 students, who otherwise wouldn't have been able to afford college, are now getting their degrees and becoming nurses, accountants, policemen, mechanics, teachers and much more. Vittana students have a 97 percent repayment rate and many lenders are already being repaid.

Here are nine faces of Vittana's work.

• • • • • • • • • Haward Rene Alvarez Morales Haward's father was initially paying for his education in Nicaragua but lost his job. Haward found job and won a scholarship, but both ran out with one semester left in school. Because of 11 people around the world -- a college student in Colorado, a venture capitalist in San Francisco, a developer in Australia and many others who lent everything from $5 to $25 to $300 -- Haward received $1,000 and graduated cum laude (at the top 10 percent of his class) in January.

Comments

[Jetling]

01:58 AM on 03/29/2010

Just reminds me of what real financial reform should be: The elimination of revolving interest and the regulation/standardization of loan products.

[cinemaven]

09:50 PM on 03/28/2010

We donate through Kiva.org but I'll give this one a look also. My son heads for university this fall so the expense if very much on my mind.

[Bluesue]

10:08 PM on 03/27/2010

I'm a big fan of microfinance. Until now I've contributed to one that primarily helps women. With a few dollars in loans these women have started businesses to support their families. The loan repayment rate is nearly 100%.

This take on it also sounds like a wonderful idea.

Just think what a few dollars can do to change a life.

[KIVPossum]

10:17 AM on 03/27/2010

Excellent concept. I hope they expand the country list to bring in more kids and donors who have an interest in different areas.

[David VeLar]

10:18 PM on 03/26/2010

Nice cover story. 10 people on the cover, 10 diverse people. Can you guess which race is missing?

yea.. oops guys.

[Jetling]

01:56 AM on 03/29/2010

We're all members of the only race that matters - the human race.

With all the wealth that this country has...that we seem hellbent to allow it to be concentrated with so few.

[mrm3]

06:17 PM on 03/26/2010

Marie Lezcano walks 14 hours a day to school and back? I don't think so

[mrm3]

06:15 PM on 03/26/2010

woowwww you're both off-base and inaccurate

[talkofliberty]

03:38 PM on 03/26/2010

Amazing how in countries without government lending the costs are so minuscule. A good education for a few hundred dollars.

In America we pay 150k dollars for Communication Degrees with low salaries. Americans get to live in poverty, bankrupted after being sold on that life changing college degree that enslaves students in debt for their lifetime.

[HamletsMill]

06:31 PM on 03/27/2010

BINGO! There is absolutely NOTHING that anyone can teach you for $150,000 except medical school to be a surgeon that is worth that kind of investment. Being a lawyer is a zero sum game for society. Everything else can be self-taught. EVERYTHING! Then go and take the professional certification tests for your profession to get past the paper gate keepers. Once you get into your profession THAT is where the real learning begins. I have an Ivy League B.S. degree in Economics but I earn a living as a software engineer. I work with many people who are completely self taught in programming with just a high school diploma who are very, very good at what they do. Paper degrees mean very little in the real world. Creativity and discipline cannot be taught. Each person must develop that level of skill themselves from within,

A formal education from a rigorous course of study is indeed worthwhile because it develops both discipline and brain cells. But that can all be SELF TAUGHT if you are self motivated and you can find people in any subject of study to discuss things you question. All you need to do is learn to read well and either have a computer or a library card if you don't have the money for a computer. Our current educational system is a total scam. Read Martin Anderson's 1992 book "Impostors in the Temple".

http://www.amazon.com/Impostors-Temple-Decline-American-University/dp/0671709151

[zapyourappetite]

08:06 PM on 03/27/2010

Great post, Hamlet - autodidacts . . . there's a lot of us - get a book, go to the library, or log onto youtube - use the free MIT or Stanford college courses . . . many ways to learn - no reason for any of us Americans to be uneducated.

[talkofliberty]

02:14 PM on 03/29/2010

Agreed.

[Bluesue]

10:14 PM on 03/27/2010

And in these other countries people live on a few dollars a week (and that might be a lot). That's why education is so inexpensive along with everything else. It is also why poverty is rampant. It has nothing to do with government lending.

Of course, if you'd like the U.S. to become a third world country I'm sure we could get an education for a few hundred dollars.

Perhaps people need to think about the value of the degrees they're pursuing. We've all heard about the English major for example. And perhaps they even need to think about a different path of higher education. Plumbers and electricians make a pretty good wage for example.

[talkofliberty]

02:21 PM on 03/29/2010

My issue is not there is some access, but government is poor at making proper allocations of lending.

Parents and children underestimate how dangerous a massive loan which cannot be bankrupted on is. This is debt slavery. Scary to think our children literally are becoming taxed for life.

The government is issuing loans up to 30k a year, no credit check or questions. Tuition costs are covered, but the real issue, is schools now have an incentive to keep students from working and instead using loans to pay their way. Students now use the loans to pay for all the expenses, like a car,tv, cell phone, for 5 years of life

If government is to be the only lender, it should be for basic school needs, there should be no way to get more than 5k in loans a year regardless of school. Schools would lower costs to meet this number.

[higherstrategy]

03:37 PM on 03/26/2010

Just not in AMERICA right?

Fits in with this Administrations Pattern of Eliminating all things American