Brighter Investment, a Canadian social enterprise has announced its partnership with the University of Professional Studies Accra (UPSA) to provide students of the university with financial support.
The mission of the company is to remove financial barriers to higher education for students in developing countries.
The Memorandum of Understanding (MOU) signed between the University and Brighter Investment is based on the shared intention to enable more high potential Ghanaian students access quality higher education.
Through this agreement, Brighter Investment can diversify its cohort and aid the number of students studying or seeking to study at UPSA.
The social enterprise uses private equity to finance the higher education of high potential students selected by a unique algorithm.
This will help the millions of students who graduate high school without a way to pay for quality higher education.
Brighter Investment finances the education of bright students that pursue degrees that offer great career prospects.
Supported students benefit from fully paid tuition fees, accommodation fees, mentorship, career support, and a monthly allowance.
Upon graduation, students repay a percentage of their future income for a limited period of time. Typically, for a full four-year degree, students repay 25% of their monthly income for about six years.
These repayments help Brighter Investment support more students and repay investors.
Also, they are based on an income-sharing model which means students only repay when they earn an income and will therefore not end up with insurmountable debt that accrue from interests as is the case with traditional loans.
Mentors help selected students start a rewarding career that would otherwise have been out of reach and investors share in the created value in the form of a percentage of the graduate’s income.
Brighter Investment has tested an investment-led funding model for higher education financing over the last five years in Ghana.
The results to date show that students under the scheme have outperformed their peers, increased their incomes, and are less likely to be unemployed with their degree.
These positive first results suggest that the investment model is a viable solution to improve access to higher education in Ghana.
To qualify for support, freshmen are expected to have an aggregate of between 6 and 16 in West African Senior School Certificate Examination (WASSCE) and should have applied for a supported degree program at the University.
Continuing students however must have a minimum of a second class upper GPA/CWA and must be enrolled in a supported program at the University.
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