According to a student debt campaign, there has been an increase in the number of students who apply for financial aid which draws attention to the student debt crisis in the country.
The WeSolve4X Foundation stated that it has noticed growth in the number of students who apply for student loans in 2022. The foundation believes that it highlights the student debt crisis that continues to burden thousands of students in the country.
WeSolve4x helps Grade 4 to 12 learners from disadvantaged backgrounds with extra maths lessons and assists parents with helping their children with their homework, as a way of giving back to the community. These learners and parents are assisted by graduates on weekends.
Tsietsi Ngobese, the CEO of WeSolve4X Foundation, stated that these graduates are the ones who are in need of assistance to settle their student debt. In response to this issue, the foundation began the WeSolve4X Student Debt Stokvel campaign.
The campaign encouraged South Africans to contribute R100 or any amount monthly to help students with their student debt and subsidize tuition fees. From November to December 2021 the stokvel raised R1.3 million and settled student debt for 102 students by 5 January 2022.
WeSolve4X Student Debt Stokel aims to settle the national student debt, make education affordable by subsidising tuition fees for disadvantaged students and inspire and empower South Africans to play an active role in the development of youth.
Assuming the 20-65 age group makes up 34.5 million people, according to the Statistic South Africa, if all 34.5 million people donate R100 monthly then the Stokvel will raise R34.5 billion monthly which could go towards the national student debt and subsidise tuition fees. Ideally, the stokvel would be able to cover 90% of the tuition fees and students would only need to pay 10%.
Students who benefit from the stokvel are encouraged to give back to their communities using the skills they have gained from their studies.