Antoni (not her real name) has been living in an orphanage since she was four years of age. Her uncle paid her fees to go to nursing college for the first year. Three months after the start of the second year it transpired that he was not interested or not in a position to pay for the second year's fees so she was evicted from the college.
In February 2014 we met her and agreed to give her Rs.25,000 (€350) for her 2nd years fees and the orphanage agreed to pay her accommodation fees. We thought she could get some kind of bank loan but evidently the banks will only give a loan if the student applies in the first year. Sounds a bit silly but that's the way it is.
We have have to repeat the loan for the third year and we will have to give her a loan for the fourth year as well.
Most of our third level education micro finance loans will be partially repaid from the date the child starts college. In fact the repayments are generally currently enough to cover a full years years loans.
Most of our loans are for Rs.10,000 per annum. The loans to the student nurse are unique but makes the difference between her finishing her nursing education and not doing so. And eventually when she repays us the money can be used to finance another nurse or engineer or whatever
Fred Crowe
CEO