SFA is an educational loan company that operates in Nairobi, Kenya with plans to expand across Africa. SFA partners with leading educational institutions to provide its students and families with credit to finance school fees. SFA aligns incentives across all participants – the student, the family/guardian, and the educational institution – to ensure the student’s success, both during the educational program and in her post-graduate career.
Very few educational loan programs exist in Africa today. Some tertiary institutions offer installment plans. Students and parents/guardians are required to pay school fees before the term finishes, and often before students sit for their term exams.
SFA offers loans that simplify the process and make paying for tuition fees much easier, and less stressful.
Here are the steps:
- Students and parents/guardians apply for a loan from SFA for a 12-month period. SFA approves that loan.
- SFA disburses the loan to the educational institution for term 1.
- Payments are made to SFA each month while the student studies.
- If payments are made on time, and the student performs well in school, SFA then disburses the fees for the following term.
- The cycle repeats itself.
Loan renewal can happen for the following years with a potential for reduced interest rate and a longer repayment period.
SFA lends to the parents/guardians (primary borrower) of the student who is accepted and to the student(co-borrower). SFA requires that each student borrower have a parent or guardian who acts as the primary borrower on the loan (this policy can change if the student is a graduate student). Both parties undergo a full credit evaluation administered by SFA and, both parties must be individually approved for the loan to be approved.
Students and parents must access the application through the website. If you have questions, please send a WhatsApp to +254 705 386 363 with your name, school attending, and ID number.
SFA lends up to 70% of amount required for attending the institution. SFA disburses loans on a term basis directly to the institution. Borrowers are required to make monthly principal and interest payments directly to SFA during each term. When monthly payments are met, SFA then disburses payment for the next term. Because SFA lends only 70%, the student and parent/guardian are required to pay the remaining 30% to the educational institution. Please check your sales document for your school’s specific plan.
No. SFA understands that collateral requirements are a barrier for many potential borrowers across sub-Saharan Africa and seeks to rely on other methods, such as a cosigner, to facilitate financial access.
While the student is in school, the student and the primary borrower must make agreed payments on the 5th calendar day of each month. In Kenya, digital payments are required using MPESA to PAYBILL NUMBER 901604. In other countries, students make arrangements with SFA to send the funds directly.