Brighter Investment has financed students' education for the past five years in Ghana
Brighter Investment; a Canadian social enterprise with a mission to remove financial barriers to higher education for students in developing countries announces its partnership with the University of Professional Studies (UPSA) to provide students of the university with financial support.
Despite the large social and financial return of higher education, every year over 60 million students graduate high school without a way to pay for quality higher education.
To achieve this objective, Brighter Investment uses private equity to finance the higher education of high potential students selected by a unique algorithm. 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 Brighter students have outperformed their peers, increased their incomes, and are less likely to be unemployed with their degree. These positive first results suggest that Brighter Investment’s investment model is a viable solution to improve access to higher education in Ghana.
The memorandum of understanding (MOU) signed between the University for Professional Studies, Accra, 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 increase access to higher education for high potential Ghanaian students.
As part of the agreement, Brighter Investment will continue to invest in the higher education of high potential students studying or seeking to study at the University of Professional Studies.
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, repayments 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.
To qualify for Brighter Investment’s support, freshmen are expected to have an aggregate of between 6 and 16 in 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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