Enzi was also featured in a write-up on Echoing Green in Forbes and Philanthrocapitalism, a blog by the NY Bureau Chief of The Economist.
We are building an online marketplace to connect Fellows and Angels directly. Students needing funding to attend a higher education institution will submit information on their academic background, professional goals, and funding needs in an online application. We will use the information to calculate customized terms (% of income and duration) for each student. Students will be offered a choice of contracts –with a higher percentage of income for a shorter time or a smaller percentage for a longer time – to account for their personal preferences. Once students select the best-suited option, they will create profiles describing themselves, their career aspirations and their interests. Angels will be able to browse students’ profiles and make funding offers.
Funding received through an Enzi Fellowship is an income-linked loan that functions similar to an equity investment. Enzi Angels receive returns on the money they invest in Fellows who repay as a percentage of their income once they start earning, not a percentage of the original amount like in traditional loans. There is no fixed principal amount for Fellows’ to pay back, no matter what their circumstances are post-college. Instead, repayments are aligned with Fellows’ incomes, which means that returns to Angels could change over time with changes in income.
Enzi Fellows can attend their top choice university and choose careers they love, without worrying about the financial repercussions or crippling debt. They will always be able to afford repayments because these are aligned with their incomes. Moreover, they won’t be making payments during college when they should be focusing on their studies, only once they start earning full-time. They will also have the opportunity to interact with other Fellows and Angels of diverse backgrounds and will receive mentorship and career-related advice from a community interested in their professional success.
Enzi Angels will have the opportunity to do well and do good. By investing in a cohort of Enzi Fellows, they will deeply impact the lives of young people. By offering funding and mentorship to young people, Enzi Angels will create a tremendous social footprint by enabling them to receive dream educations and thrive in careers they love.
Enzi closed a pilot fund at Stanford in March 2010, funding two students for their last quarters. The pilot was supported by university administration, including Stanford's Director of Financial Aid, the Vice Provost and Dean of Research, and the Electrical Engineering department. Our first two Enzi Fellows received their MS in EE degrees at Stanford's commencement on June 13, 2010. Graduation pictures and profiles of the Fellows coming soon! Enzi plans to fund a larger group of students in the next academic year. While we will focus on international students, who have very few funding options, we are open to American students as well.
If you are a student in need of funding and are interested in joining future cohorts of Enzi Fellows, please fill in the application form or contact us. Check back in Fall 2010 for news of future funding opportunities. If you are a potential Angel interested in investing in future classes of students and helping them achieve their dream educations, please contact ashni@enzi.org.
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