8B Education Investments Launches $111 Million 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.
Source: The Washington Informer (link opens in a new window)