Rosemary is a student applying for a loan to pay for her tuition fees to help finish her undergraduate degree at Strathmore University. This is her story:
My name is Rosemary, a 19-year-old lady from Kenya. I live with my parents and two siblings. My sister is a second-year university student and my brother started high school this year.
I am a student at Strathmore University pursuing a bachelor of business degree in actuarial science. I am currently on my long holiday, which will see me join my second year when I resume class in April this year. Strathmore is one of the leading private universities in Africa offering quality education to its students, which is why I chose to study here.
This loan will enable me to focus on my studies without the uncertainties of being sent away from school in the course of the semester because of my fees balance and not being allowed to sit for my examinations. The assurance that I will complete my course without any financial setbacks will give me peace and help me concentrate on my classwork.
Upon graduation, I want to venture into the insurance field, especially life insurance and micro-insurance, where I want to apply my acquired skills and also get to learn more on the same. I hope to see an increase in the level of penetration of insurance in Kenya to a high level, probably higher than that in South Africa. Embracing of micro-insurance, especially among low income earners, is one of the best dreams I have for my country. The benefits of this will go a long way in providing a better lifestyle for most people and will also reduce the money spent to cover losses compared to if they had not been insured.
This loan will help me complete my studies without financial constraints and at the same time enable my parents to educate my other siblings. The repayment mode of the loan makes it possible for one to take up the loan and pay it in time.
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.