Joel is a student applying for a loan to purchase a laptop to assist in his studies at Strathmore University and this is his story:
My family consists of four members: two sisters, my father and me. My mother passed on in 1996. My biggest challenge has been educating myself since my father is poor and; hence, raising school fees all the way through has not been easy. Thank God I have always gotten well-wishers on my way! I have always had a goal to reach the peak of education and getting a degree doesn't mean that I will have done all I want to do.
I chose Strathmore University since it is one of the best universities in the world and top in Africa, and it produces the best students in finance and accounting fields. I am applying for this loan to enable me to purchase a laptop which will help me with my assignments, studying and doing research. In fact, it will be a long-term asset in my accounting career. I want to advance my career in accounting and finance and be one of the best.
I believe that life is always hard work and for someone to succeed, he should be patient, trust God and be persistent.
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.