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Education Financing Solutions for Students in Indonesia

The biggest educational challenge in Indonesia is not increasing access, but rather improving quality. By 2025, the Indonesian government hopes to have developed a “world-class” education system. Numerous assessments of the country’s educational performance, however, indicate that it has a long way to go before reaching that goal. Many Indonesian teachers and lecturers lack the necessary subject knowledge and pedagogical skills to be effective educators; student learning outcomes are poor and there is a mismatch between graduates’ skills and the needs of employers.

While the impact of COVID-19 on the education sector is clear, the outcome is still unknown. What is certain is that technology and new behavioural patterns will drive change in the sector, potentially completely transforming how education is consumed and delivered in the future. In October 2019, Indonesia’s President made an unprecedented move to shake up the country’s beleaguered education sector by appointing a digital tycoon as the country’s new education minister.

To support the student loan programme recommended by Indonesia’s President, financial technology (fintech) start-up is currently providing education financing services for schools, universities and courses that can be paid in monthly instalments.

Equitable education in Indonesia still requires more attention from all parties. The education system should be able to provide the widest opportunity for all citizens to obtain the right to education.

The CEO of the start-up believes that education credit or student loans should be widely disseminated. This is due to the fact that the student loan product aims to support government programmes aimed at improving the quality of education in Indonesia. According to the CEO, one of the causes of the lack of equal distribution of education is due to economic factors. Many children drop out of school due to the high cost of education to be paid.

Not only does the company provide services, but it is also keen to disseminate the importance of financial literacy education in order to encourage the public to be aware of and understand how to manage their finances wisely and in accordance with their needs. To achieve equitable education in Indonesia, all parties must work harder. The education system should be capable of providing all citizens with the broadest possible opportunity to exercise their right to education.

“As a form of support for the education sector in Indonesia, we launched a student loan programme, so that the number of children who drop out of school and do not continue their education to a higher level due to economic factors can be reduced,” he added.

Increasing Indonesia’s Financial Literacy

The Campus Ambassador programme was recently launched by the start-up to invite and attract interest in financial literacy among millennials and generation Z. “Hopefully it can be a place for them to be creative and improve their hard skills and soft skills,” said the CEO.

He hopes that this programme can be a place for Generation Z and millennials to work together, express aspirations, explore abilities, and improve financial literacy. “This is in accordance with the start-up vision and mission as a financial technology company that is the main choice of the Indonesian people in an effort to increase education equity in Indonesia,” said the start-up Business Development Lead. Currently, 20 students have been chosen from hundreds of applicants from universities including the University of Indonesia, IPB University, Brawijaya University, Pertamina University, BINUS University, and others.

The “Welcoming and Brief Day” activity was held as part of the selection stage as a way of welcoming representatives who passed the selection stage, as well as providing education about financial literacy and financial inclusion, as well as understanding about products and services from the start-up.


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