Peter is a prospective student applying for a loan to start his undergraduate work on a Bachelor of Law at Strathmore University and this is his story:
My name is Peter. I come from a family of four. I have one older sister and two younger brothers. My sister has just completed her second year at university. My younger brother will be beginning at high school next year, while the last-born has just begun middle school. My father is a chemist. My mother is a nurse at a government hospital.
I believe in quality education. Having worked hard and attaining a position at one of the top schools in Kenya, I want to continue my pursuit for quality education at Strathmore University, a prestigious university in Nairobi, Kenya with a reputation for its excellence. I attained admission to Strathmore University to join the pioneer Law class at its recently opened Strathmore Law School. The course begins on 25th June 2012.
I would require the loan so as to pay for my tuition costs. As the university gives the highest quality education in the country thus its tuition fees are also expensive. All my siblings require a lot of financial support from my parents who are average income earners which 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 and attaining my dreams and ambition of becoming a top lawyer in the country.
This loan will enable me to focus on my studies as it will give me assurance that I will complete my course without any financial setbacks and will give me peace to focus on my class work and achieve my goals in life.
I am an easy-going person who is easy to talk to. I do not anger quickly but instead listen to the whole story before I react. I am very social as I do not shy away from conversation. Also ambitious, I am quite the go-getter; once I have my eyes set on something, very little can be done to stop me.
Upon graduation, I intend to venture into public service to provide legal assistance to the needy in society. I also plan to venture into policy making so as to make an impact not only in society but also the world.
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.