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Bonginkosi is applying for a loan to support his studies for one year at the Maharishi Institute. This is his story:

My name is Bonginkosi and I was born in Soweto, Johannesburg. I am the second in a family of four. We are Zulu, and we follow the Christian religion. I am studying towards a Bachelor of Business Administration at the Maharishi Institute, and I expect to graduate in 2015. I am the first in my family to attend university; my siblings both dropped out of school, for instance when my sister got pregnant she had to leave Grade Ten. Currently nobody is employed in my family and we manage on 2000 Rand per month, which is our rent money.

I hope to get a better paying job after graduating, and to help create a better life everywhere I go in this world. My ambitions are to buy a bigger house for my mother, and to buy a big house for myself where I can live once I get married. I'd like to start my own company aiming to alleviate poverty and decrease unemployment in South Africa. I have always loved business; when I was little, I used to sell oranges. I'd also like to get a car and make sure that my children get better living conditions than I did.

All I wish is to create a better life for my family. Education is my way to economic freedom and economic democracy. It is important to me because it opens doors for me to gain wisdom and knowledge of the unknown. Education gives higher knowledge to an individual, and when one is knowledgeable he/she has more to offer to society.

Additional Information

More information about this loan

This Kiva loan will be used to provide borrowers with needed goods or services, as opposed to cash or financial credit.

Maharishi students repay their loans with work-study wages while attending school. However, due to the unpredictable nature of their work-study schedules, they may not be able to make regular repayments. In these instances, Maharishi Institute provides an advance that is deducted from students' future wages. This gives student borrowers more flexibility in meeting their loan repayment obligations while they are still in school.

Important Information

The Maharishi Education for Invincibility Trust (MEIT) extends educational opportunities to poor and historically excluded students in South Africa. By combining distance and computer learning with practical experience, the institute equips students with access to the skills and training they need to compete in tough job markets and build bright futures. Kiva funding will help students pay for tuition and other basic expenses so they can study and thrive.

Maharishi students take out loans for each year of tuition separately on Kiva. Each concurrent loan's repayment period begins after the previous load has been fully repaid.

About South Africa

  • $11,500
    Average annual income
  • 6
    View loans »
    South Africa Loans Fundraising
  • $622,400
    Funds lent in using Kiva
  • 8.4
    South Africa Rand (ZAR) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $2,075 helped Bonginkosi to pay for tuition fees and living expenses at the Maharishi Institute.
23% repaid
Repayment Term
65 months (Additional Information)
Repayment Schedule
Irregularly
Disbursed:
Sep 27, 2012
Listed
Aug 30, 2012
Currency Exchange Loss:
Possible