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The Magbit Foundation was established in 1990 to promote education in the State of Israel by supporting students who seek to complete their university studies. To accomplish this worthwhile goal, Magbit established an innovative “Interest-Free Loan” program for needy and qualified students. This program was designed to preserve the dignity and spirit of the students, as well as to instill in them a sense of responsibility. The loan recipients repay the loans when they are financially able to do so. The loan repayments go directly to the student’s university so that future generations of students may also benefit from these funds.
To date, Magbit has provided interest free loans to over 8,500 qualified students in universities throughout Israel, such as Bar-Ilan University, Ben Gurion University, Jerusalem College of Technology, Hadassah College Jerusalem, Haifa University, Technion-Israel Institute of Technology, Tel-Hai College and Tel-Aviv University.
This program has proven to be so successful that some universities in Israel have modified their scholarship programs to emulate Magbit’s “interest-free loan” concept.
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