Vittana
Encyclopedia
Vittana is a non-governmental organization
that allows people to lend money via the Internet to students in the developing world. It is a 501(c)(3) non-profit organization headquartered in Seattle. Vittana focuses on student loans because student loans are nearly unavailable in developing countries.
Lenders browse through a list of students and select who they wish to fund. The loans issued by Vittana range from $200 to $1,500 and are funded by individual lenders through its website. The loans are disbursed when Vittana has aggregated sufficient money from donors to cover the education expenses. One hundred percent of the loans are given to the student. A mother or a close relative acts as a co-signer. The recipient of the loan can repay the loan after landing a job. Vittana students have had a 97% repayment rate.
Vittana has collaborated with several organizations such as the Clinton Global Initiative, Brigham Young University, frog design, Grameen Foundation, HOPE International, Lex Mundi, Orrick, Perkins Coie, Pop!Tech, Unitus and University of Washington, Seattle. In collaboration with Clinton Global Initiative as a key education partner, Vittana partnered with Africa’s microfinance institutions to launch lending programs which fund post-secondary education for young people. The loans are able to help 10,000 students complete higher education by 2015. Amazon.com has backed Vittana's educational loans.
Non-governmental organization
A non-governmental organization is a legally constituted organization created by natural or legal persons that operates independently from any government. The term originated from the United Nations , and is normally used to refer to organizations that do not form part of the government and are...
that allows people to lend money via the Internet to students in the developing world. It is a 501(c)(3) non-profit organization headquartered in Seattle. Vittana focuses on student loans because student loans are nearly unavailable in developing countries.
Lenders browse through a list of students and select who they wish to fund. The loans issued by Vittana range from $200 to $1,500 and are funded by individual lenders through its website. The loans are disbursed when Vittana has aggregated sufficient money from donors to cover the education expenses. One hundred percent of the loans are given to the student. A mother or a close relative acts as a co-signer. The recipient of the loan can repay the loan after landing a job. Vittana students have had a 97% repayment rate.
Vittana has collaborated with several organizations such as the Clinton Global Initiative, Brigham Young University, frog design, Grameen Foundation, HOPE International, Lex Mundi, Orrick, Perkins Coie, Pop!Tech, Unitus and University of Washington, Seattle. In collaboration with Clinton Global Initiative as a key education partner, Vittana partnered with Africa’s microfinance institutions to launch lending programs which fund post-secondary education for young people. The loans are able to help 10,000 students complete higher education by 2015. Amazon.com has backed Vittana's educational loans.