Peter is a student applying for a loan to purchase a laptop to assist in his studies at Strathmore University and this is his story:
I am the first born in a family of five girls and two boys. Two of my sisters are pursuing college education.
My biggest challenge has been inadequacy of finances for my education. I had a hard time financing my high school education and I had to secure a scholarship to afford university education.
I decided to pursue university education so that I can gain the necessary skills and knowledge required to compete in the job market. This will help me achieve my long-term dream of making the world a better place. I chose Strathmore University because of the quality of education offered and the opportunities that one is exposed to while here. The fact that the university does not discriminate in terms of race, finances, religion or ethnic background is also a reason that made me choose Strathmore.
The laptop will help me finish my final year project on time, since I can access my coursework off-campus. It will also help me to develop IT skills by widening my knowledge in the field of software development, as I will have more time to develop systems. It will also help me complete assignments on time.
I would like to be employed for a few years after university and, thereafter, start an IT firm dealing with application service provision. I believe that it is our responsibility to leave the world a better place than we found it for the sake of the future generations.
This Kiva loan will be used to provide borrowers with needed goods or services, as opposed to cash or financial credit.
Strathmore University is one of the leading private chartered universities in Kenya, and is a privately owned, not for profit institution. Originally established in 1961 as an Advanced-level Sixth Form College with inspiration and encouragement from Saint Josemaria Escriva, founder of Opus Dei, Strathmore University started offering degrees in 2002 before becoming fully chartered in 2008.
Strathmore University is a non-traditional Field Partner, in that they are an educational institution, not a microfinance institution. Lenders to these loans should be aware of the following:
1 - You might not begin to receive repayments on this loan for many years, and this loan may have terms as long as 11 years. The full-tuition loans administered by Strathmore University can have loan terms of up to 11 years, which includes a grace period of up to 5 years. The grace period includes the time during which the student is enrolled at the university, and the first year after graduation. During the grace period, the borrower is not required to make any repayments, and you would not receive any repayments. Please be sure the loan terms and repayment schedule of this loan suit you.
2 - Administering loans is a new activity for Strathmore University, which can increase the risk on this loan. While most Kiva Field Partners are microfinance institutions and therefore experienced at administering loans, Strathmore University's core business is providing education, and they are inexperienced at administering loans. This partner has passed Kiva's due diligence requirements for a non-traditional Field Partner, however lenders to this loan should be aware that this loan carries some additional risk as Strathmore University becomes more experienced with administering loans to students.
For more information on Strathmore University, and the Kiva loans they are administering, please visit the Field Partner page.