Olivia is a prospective student applying for a loan to start her undergraduate work on a Bachelor of Commerce degree at Strathmore University. This is her story:
My name is Olivia. I am 18 years old. My parents are unemployed while four of my brothers who are working are casual laborers with unstable financial status. In secondary school, I was the Head girl in both schools and while in High School, I was the Chair lady of the Wildlife Club, a member of the science congress club where I proceeded to the nationals twice and also a member of the Young Farmers Club.
I chose Strathmore University because it is one of the best universities in the country and therefore Strathmore graduates stand among the finest. It has outstanding performance in both curriculum and co-curriculum activities.
I am requesting the loan to pay my tuition fees. This is because my parents are unable to pay my tuition fees. My high school education was sponsored by ACTS, an organization that assists children to attend school. At that time, my brothers were struggling to pay fees for my two sisters, my twin sister in high school and the other in Mombasa Polytechnic University College. Until today, my brothers are struggling to finish the fees arrears at the college. I wish to have smooth learning with no interruptions hence, I have applied for the loan. I am looking forward to studying for my Bachelor of Commerce at Strathmore University.
On graduating, I wish to work with reputable and prestigious organizations, firms or institutions like the World Bank, UN, Price Waterhouse Cooper, East African Breweries Limited (EABL) and International Finance Cooperation. I will repay the loan while I am working, not long after my graduation. My hopes and dreams of the future are: to have a reputable company of my own, to give back to society by helping out in areas such as health and sanitation, environmental conservation and to assist in children's welfare in areas such as education, health and care. My hobbies are singing, traveling and playing basketball.
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.