A nonprofit organization Chancen International has come to rescue of needy students in the country, after revealing that it will be offering fees for 6,000 students enrolled in Technical and Vocational Education Training (TVET) in country.
According to the organizations’ Country Director Gladys Mutisya, the funding model is part of a broader effort to support TVET institutions and promote skills development in the country.
Mutisya added that the program will also incorporate 3,000 students from the Rift Valley Institute of Business Studies (RVIBS), it aims to ensure the students complete their education and empower themselves as the first group of students benefiting from the program will be admitted in July.
Mutisya who was speaking during signing of MoU with RVIBS Director John Gitau said in addition to direct financial assistance, Chancen International will offer financial literacy programmes to help the beneficiaries manage their finances and make informed decisions about their education and future.
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“Chancen International commitment to funding TVET students in Kenya aligns with the broader goals of promoting education, skills development, and economic empowerment within the country,” she said, adding that the organization is supporting creating of more inclusive and accessible education system, fostering opportunities for young people to acquire valuable skills and contribute to the local economy.
She said the model aims to reduce financial barriers to education, particularly for marginalized groups, and foster economic mobility.
Chancen uses Income Share Agreement (ISA), a form of financing where students repay a portion of their future income after graduation, rather than traditional loans with fixed payments.
The director also stated that once a student completes education and gets into income-generating activities or gets employed, repayments are adjusted based on the beneficiary’s income, making the model more flexible and sustainable.
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“Chancen funding is fair and ethical. If a student is not in employment, they are not required to make a repayment. There is no interest charged. Our main interest is to improve the livelihoods of Kenyans,” she said.
The director also stated that repayments are structured as a percentage of income, ensuring they are manageable and affordable. There’s a minimum income threshold to protect basic needs, and repayments are paused if a graduate’s income falls below this threshold.
Chancen International is based in Germany and in Africa has a presence in Rwanda, South Africa, Ghana and Kenya. It targets to finance 25,000 TVET students by 2029.
By Obegi Malack
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