Patrick is a prospective student applying for a loan to start his undergraduate work on a Bachelor of Business Science degree in Actuarial Science at Strathmore University and this is his story:
I am Patrick, 21 years old, seeking a tuition fee loan to enable me to pursue a degree in Actuarial Science at Strathmore University. I am from a humble family background and needy. My elder siblings could not pursue their tertiary education because of financial constraints. My mother is not in a position to support my two siblings in secondary school, three in primary school and me. This loan will enable me to pursue my degree without any interruption due to lack of fees. I consider Strathmore University my best choice because of the high quality education offered, the discipline and facilities available for study.
My vision is to succeed in my university education and work with prospective financial institutions to participate in financial aid social programs. We wil reach more brilliant and needy students in society who have been unable to complete their studies due to financial constraints. I am personally very optimistic that my contribution to community welfare will bring a positive change in society. It is also my desire to join Kiva – not only as a borrower but also as a lender after my graduation – to ensure that this organization prospers with its activities.
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.