New York, NY, Sept. 20, 2022 (GLOBE NEWSWIRE) — 8B Education Investments partners with Nelnet Bank in first-ever U.S. bank loan program to African students enrolled in U.S. universities; $30 million over three years as part of a broader $111.6 million commitment to the Clinton Global Initiative to accelerate access for African students to global universities
8B Education Investments is honored to announce its partnership with Nelnet Bank at the 2022 Clinton Global Initiative (CGI) meeting. With this partnership, Nelnet Bank has agreed to provide $30 million in loans over a three-year period for support the 8B loan program which allows African students to continue their studies in American universities. During the CGI meeting, 8B will announce a total of $111.6 million in funding commitments from a range of partners united in their commitment to enabling world-class education for the next generation of African innovators.
The partnership, made possible by 8B’s use of innovative credit enhancement to secure losses incurred by Nelnet over the life of the loan program, makes Nelnet Bank the first U.S. bank to support loans to African students attending colleges. large-scale American universities.
“Until now, African students have had limited access to global universities, with enrollment largely dependent on the chance of securing a scholarship,” said Dr. Lydiah Kemunto Bosire, Founder and CEO of 8B. “The world has underinvested in African genius. As a result, every year hundreds of thousands of African students get offers from world-class universities and do not enroll, largely due to a lack of funding. We are delighted that our partnership with Nelnet Bank will help us provide funding to this underserved group of bright students and set an example on how to accelerate Africa’s access to global innovation ecosystems.
8B estimates that the 500,000 African students enrolled in global universities represent 30% of the students who have received offers from these universities. Consequently, Africans are underrepresented in global universities and, by extension, in global innovation ecosystems.
“Our partnership with 8B is a historic milestone in the history of student loans and a giant step towards improving access for African students,” said Andrea Moss, CEO of Nelnet Bank. “Together, we will be able to provide an opportunity for one of the fastest growing student populations in the world that has been neglected for far too long. Nelnet Bank is delighted to be working on this with our colleagues at 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 upgrade their applications, access affordable funding, and connect with professional support for placement.
“There are few affordable student loan options for African learners, although there is a wide range of international students. Nelnet’s bold loan funding commitment to 8b Education Investments will catalyze growth and unlock African excellence,” said Debra Fine, Chair of the Board of 8B Education Investments. and Chairman of Fine Capital Partners. “I have spent 35 years evaluating business opportunities. This partnership is one of the most extraordinary I have seen. 8B uses a proven business model to create extraordinary value and impact across Africa and the world. This partnership is a great example of how private capital can invest in Africa’s future.”
8B and Nelnet Bank announced their partnership at the CGI Meeting, which brings together global and emerging leaders to take action on the world’s most pressing challenges. Within the CGI community, 8B has brought together a number of partners to support Africans’ access to global innovation ecosystems: Education and Testing Services (ETS) will provide vouchers to African students who are not in able to pay the test fees demanded by global universities. , Antigua University of Health Sciences will provide 50% scholarships for African medical students, and World Resources Institute (Africa) will support paid internships for African graduate students in related disciplines to climate resilience. On the political side, the presidents; The Alliance on Higher Education and Immigration will conduct research on the diversity practices of American universities, focusing on the policy-related barriers faced by African students. Other partners include the Canada-Africa Chamber of Commerce, Miles College and the Institute for African Development at Cornell University.
8B’s CGI engagement, which will include students attending historically black colleges and universities (HBCUs), will accelerate Africa’s access to global innovation ecosystems and foster diversity and inclusion at universities and venues global jobs. It will also establish a scalable market-based model for financing world-class human capital development in low-income countries.
The partnerships have a combined value of $111.6 million that will be deployed over the next three years. These partnerships will transform the lives of more than 1,400 future innovators on the African continent through affordable student funding and reach more than 2 million African students in higher education.
Nelnet Bank, Member FDIC, is an online bank that offers education loan products for students and families. Leveraging Nelnet’s expertise of over 40 years in student loans and services, Nelnet Bank serves a variety of markets including students, young professionals and higher education. The bank continues Nelnet’s commitment to our communities by creating scholarships for low-income students, providing local nonprofit leadership, and other direct investments in community development. Nelnet Bank received an Industrial Loan Company (ILC) charter in 2020. Nelnet Bank is a subsidiary of Nelnet, Inc. For more information, visit NelnetBank.com.
About 8R Education Investments
8B Education Investments is on a mission to enable African excellence to have global impact. To that end, 8B has built the first platform that connects high-potential African students with world-class colleges and universities and the tools they need to improve their applications, the funding options they need to s enroll and the professional support they need to achieve their highest potential.
The impact of 8B’s work is to provide universities and employers around the world with a gateway to the world’s youngest and fastest growing diverse talent pool, while creating a critical mass of equipped African innovators. to participate, compete and thrive in the 21st century knowledge economy.
About the Clinton Global Initiative
The Clinton Global Initiative (CGI) unites global and emerging leaders to create and implement solutions to the world’s most pressing challenges. CGI works with partners to take action through its unique model. Rather than directly implementing projects, CGI facilitates action by helping members connect, collaborate, and develop Commitments to Action – specific, measurable new plans that address global challenges. Through CGI, the community has made more than 3,700 Commitments to Action that have made a difference in the lives of more than 435 million people in more than 180 countries.
Dr. Lydia Bosire