Instituto Peruano de Fomento Educativo, or Promotion of Education Peruvian Institute, is a non-profit organization that provides affordable credit facilities for students hoping to gain access to higher education. IPFE has more than 50 years of experience in the development of educational programs and projects targeted towards Peru?s sustainability. They do this by specifically targeting low-income students seeking an education in the technical field.
With a constantly developing economy, Peru is in great need of competent and qualified technicians in the mining, agro-industry, and finance sectors. IPFE is dedicated to assisting low-income students secure a specific competency and ultimately a well-paying job in currently thriving technical industries. IPFE maintains"regular contact with students in order to ensure that the student is succeeding"academically"and is on track to graduate. IPFE also holds student workshops"throughout the year"to plan and discuss long-term professional goals and career planning. Approximately 95% of IPFE?s student borrowers secure higher-income, stable employment within 3 months of graduating.
A unique lending approach:
IPFE has successfully partnered with the technical institute SENATI to offer students the opportunity to enroll in technical courses. IPFE will offer loans of approximately $5000 that cover tuition fees for six cycles (of 5 months) of studies in a technical program at SENATI, ranging from mechanical engineering to computer administration.
IPFE and SENATI have estimated that there are about 6,500 students in Lima, Peru who would benefit from a loan to finance their education. With Kiva?s support, IPFE will be able to fuel its student loan portfolio growth and launch a pilot program to fund students? tuition fees for technical degrees.
Karoline, a SENATI Graduate in Auto-Mechanics
Karoline is a 20-year old recent graduate of SENATI from the district of Rimac in Lima, Peru. She started her work in a local auto-mechanic shop called Automatriz Vadillo immediately after graduation, and states that SENATI did an excellent job of preparing her for her job through her coursework and internships in the final semesters. Currently, Karoline is the only female in her job, as the nature of the work tends to attract more males. Despite this fact and working in the heat 10 hours a day, from Monday to Saturday, she is constantly learning and loves her job.
Without the Kiva loan, it would have been extremely difficult for her to continue her studies due to her family?s economical situation. She says, ?I am extremely thankful for the support and opportunity that Kiva has given me. In particular, Kiva Lenders allowed me to finish my degree in Auto Mechanics at SENATI, which led to my current job in an Auto-mechanic shop.?
In the future, Karoline aspires to further and specialize her education in auto-electronics, as she believes that technology is constantly advancing nowadays. Afterword, she hopes to eventually give back by teaching others what she has learned in her field.
Karoline is just one example of the several bright students in Peru seeking higher education through IPFE. To help other students reach their fullest potential," please consider funding a loan through IPFE.
Repayment Performance on Kiva
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||Oct 12, 2005 |
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Loan Characteristics On Kiva
Journaling Performance on Kiva
Borrowing Cost Comparison (based on 2009 data)
Country Fast Facts
- Official Language:
- Spanish (official) 84.1%, Quechua (official) 13%, Aymara (official) 1.7%, Ashaninka 0.3%, other native languages 0.7%, other 0.2%
- Avg Annual Income:
- Labor Force:
- agriculture: 25.8%, industry: 17.4%, services: 56.8%
- Population Below Poverty Line:
- Literacy Rate:
- Infant Mortality Rate (per 1000):
- 20.21 deaths
- Life Expectancy:
- 68.39 years
Field Partner Staff