Finance

8B Education Investments launches $111,600,000 initiative to Finance African Student Education

8B Education Investments, which built the first platform that connects high-potential African students with world-class colleges and universities and the tools needed to level up their applications and financial options, announced a partnership with Nelnet Bank to originate $30 million of loans over three years.

The partnership, enabled by 8B’s use of what officials called innovative credit enhancement to guarantee losses incurred by Nelnet for the loan program’s duration, marks the first lending program by a United States-based bank to African students enrolled in American schools.

Officials said the $30 million commitment is part of a broader $111.6 million pledge made last month at the Clinton Global Initiative to accelerate African students’ access to global universities.

“Until now, African students have had limited access to global universities with enrollment largely depending on the luck of obtaining a scholarship,” Dr. Lydiah Kemunto Bosire, 8B’s founder and CEO, said in a statement.

“The world has underinvested in African brilliance. As a result, hundreds of thousands of African students every year obtain offers from world-class universities and fail to enroll, primarily due to a lack of financing.

“We are thrilled that our partnership with Nelnet Bank will help us to provide financing for this underserved group of brilliant students and create an example on how to accelerate African access to global innovation ecosystems.”

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