Magbit Foundation, a 501(c)(3) nonprofit organization, was established in 1990 to promote education for students seeking 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 Foundation has provided interest-free loans to over 14,000 qualified students. Some of the schools we have provided interest-free loans and/or scholarships to are the University of Southern California, University of California Los Angeles, University of Texas at Austin, California State University Northridge, Bar-Ilan University, Jerusalem College of Technology and Haifa University.
Our program has proven to be so successful that some universities have modified their scholarship programs to emulate Magbit’s “interest-free loan” concept.
Magbit is also working with other individuals and organizations in order to better accomplish its objectives and to increase the funds available to help students. As a result of the generosity of certain individuals who are particularly committed to the cause of the organization, Magbit is administering the following funds: the Magbit-General Fund; Magbit-Dr. Baroukh Beroukhim Scholarship Fund; Magbit-Nejat Gabbay Endowment Fund; Magbit-Merage Post-Graduate Fund; Magbit-Pouran & Parviz Nazarian Robotic Fund at Bar Ilan University and the most recent fund is the Magbit-Julian Geller Gifted Children Fund.
It is with your suppport that we are able to continue our worthy and worthwhile mission. Whose future will you sponsor today?