Erick is a student applying for a loan to pay for his tuition fees to help finish his undergraduate degree at Strathmore University and this is his story:
I am Erick, the fourth born child in a family of five children. My mother is a primary school teacher and my father lost his job in April, 2011. All my siblings are also in university levels, and they also need a lot of financial support from my parents who are low income earners. This makes it hard for them to manage providing for all our education needs. This has made me fear for my future; thus, making me think of ways of completing my studies.
I am currently in my second year undertaking a degree in Bachelor in Business Information Technology at Strathmore University. I chose Strathmore University because it moulds students to be responsible, hardworking, God-fearing and highly motivated professionals. Its academic standards are also much higher than other universities in Kenya.
I have dreams of becoming an IT expert in web and mobile programming to put into practice what I have learnt in school. I also want to help in improving and developing the technology world and to aid in moving Kenya into technological standards that will help curb poverty and other social problems.
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.