Thank you KIVA
In the 2nd week of May 2013 an advert went out on Kenyan Daily Nation newspaper inviting talented students from disadvantage financial backgrounds to apply for the KIVA full tuition loan.
The Full tuition loan caters for all tuition fees at Strathmore and the repayment begins one year after graduation; in this case July 2018. The interest which is only 4% is worked out from this date; no interest is charged in the first 5 years of the loan.
The interviews took place from 27th to 30th May 2013 and today 27 beneficiaries from at least 20 different counties are in class.
What is unique about this financial aid option is that it understands and considers that some student have battled many social economic challenges to complete secondary school. As a result the Kiva Full tuition loan requirements are flexible enough to consider students who attained a B in their Kenya Certificate of Secondary Education. Below is an analysis of how the panel works to give a chance to all Kenyans:-
- Students from national schools and top provincial schools must have scored a mean grade of A-
- Students from District schools from Nairobi Province central province, Nyanza province, Coast Province, Western province, Eastern Province will need to have scored a mean grade of B+
- Students from northern Kenya (North eastern province, and specific districts to be listed in North rift, Coast and Eastern Province) require a mean grade of B
The Strathmore University Management Board contributed and lent USD 500 to the Strathmore students posted on the KIVA site. The modular MBA 2013 class also generously gave USD 2100.
A lender called Laurent contributed and lent USD 45,000 to loans that took long to fundraise on the KIVA site.
Thanks KIVA for giving 27 life changing opportunities to future Kenyan leaders.