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8B Education Investments launches $111,600,000 initiative – GlobeNewswire

New York, NY, Sept. 20, 2022 (GLOBE NEWSWIRE) — 8B Education Investments partners with Nelnet Bank in the first ever lending program by a US bank to African students enrolled in American universities; $30m over three years part …….

New York, NY, Sept. 20, 2022 (GLOBE NEWSWIRE) — 8B Education Investments partners with Nelnet Bank in the first ever lending program by a US bank to African students enrolled in American universities; $30m over three years part of a broader $111.6m Commitment at the Clinton Global Initiative to Accelerate African students’ Access to Global Universities  

8B Education Investments is honored to announce its partnership with Nelnet Bank as part of the Clinton Global Initiative (CGI) 2022 meeting. With this partnership, Nelnet Bank has agreed to originate $30 million of loans over a period of three years in support of 8B’s lending program that enables African students to pursue their studies in United States (U.S.) universities. During the CGI meeting, 8B will announce a total of $111.6 million in funding commitments from a range of partners unified in their commitment to enable world-class education for the next generation of African innovators.

The partnership, enabled by 8B’s use of innovative credit enhancement to guarantee losses incurred by Nelnet for the duration of the loan program, makes Nelnet Bank becomes the first U.S. bank to ever support lending to African students attending U.S. universities at scale. 

“Until now, African students have had limited access to global universities with enrollment largely depending on the luck of obtaining a scholarship,” said Dr. Lydiah Kemunto Bosire, 8B’s founder and Chief Executive Officer (CEO). “The world has underinvested in African brilliance. As a result, every year, hundreds of thousands of African students obtain offers from world-class universities and fail to enroll, largely 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.” 

8B estimates that the 500,000 African students enrolled in global universities represent 30 percent of students who received offers from such universities. Consequently, Africans are underrepresented in global universities and, by extension, in global innovation ecosystems.

“Our partnership with 8B is a historic step in the history of student lending and a giant leap forward toward increasing access for African students,” said Andrea Moss, CEO of Nelnet Bank. “Together, we will be able to provide opportunity to one of the fastest growing student demographics in the world and one that has been overlooked for too long. Nelnet Bank is thrilled to be working on this together with our colleagues from 8B Education Investments.” 

As the first fintech solution focused on African students, 8B is committed to enabling African brilliance to have a global impact. 8B provides tools to enable African students to identify best-fit global universities and level up their applications, access affordable financing and connect with …….

Source: https://www.globenewswire.com/news-release/2022/09/20/2519440/0/en/8B-Education-Investments-launches-111-600-000-initiative-to-Finance-African-student-education-at-The-Clinton-Global-Initiative.html

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