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The 8B Lending Program: All You Need to Know
Who is eligible for the 8B lending program?
The 8B lending program is open to all African students who are enrolled in a STEM degree program at an eligible university in the United States. All African citizens are welcome to apply, except those who are citizens of Libya, Sudan, Somalia, and Central African Republic.
What fields of study does the 8B lending program support?
The 8B lending program specifically supports students enrolled in STEM-designated programs, which include science, technology, engineering, and mathematics fields. Law and most business programs are supported under our lending program.
How much financial support does 8B provide?
8B offers loans ranging from $5,000 to $100,000, with the maximum amount depending on the student's academic level and financial need—$12,500 for freshmen, $25,000 for sophomores, and up to $100,000 for juniors, seniors and postgraduate students.
Which countries are eligible for the 8B lending program?
Students from all African countries are eligible, except for those from Libya, Sudan, Somalia, and Central African Republic. While we would love to support each and every country in the continent, we are required to comply with international financial regulations that limit where we can operate.
Does 8B support students pursuing degrees online?
Currently, we only support students who are enrolled in full time degrees that require on-campus presence. We shall notify all our community in case of any changes to this policy.
Do students need a cosigner to qualify for the 8B loan program?
8B Education is one of the few lenders who do not require a cosigner. However, we accept a cosigner if a student can find one; in fact having a cosigner can lead to better interest rates. Co-signers must live in the USA, have a credit score of at least 670, and no credit derogatoriness.
What documents do I need to start a loan application?
Applicants need a photo ID, a WES-verified transcript, and, if the loan is approved, a copy of the I-20 form and visa. If a co-signer is present, he or she needs to provide a photo ID, income verification, and bank statements.
Does 8B funding cater for travel and health insurance costs?
Currently, 8B funding does not support any pre-departure costs. This means that you cannot use the loan to pay for your visa processing or to book flights.
What are the interest rates and loan terms?
Undergraduates get a rate of 13.95% (13.45% with ACH), while graduates receive 12.95% (12.45% with ACH). If a co-signer is present, the rate drops by 0.5%. Loans have an 8-year fixed term.
Is there a deadline to apply for funding from 8B?
No. Students are invited to apply for the 8B lending program at any time of the year.
Can I apply for the loan if I am already studying in the USA?
Yes. If you are already enrolled in an eligible program at an American university, you are certainly welcome to apply for a loan to cater for any gaps in funding that you may be experiencing.
Is there support available during the application process?
Yes. We provide extensive free support during the application process. Apart from holding regular webinars to walk you through the application process, you can get in touch with us via email (support@8b.finance) or on Whatsapp at +256761083927.
How does 8B disburse the loan funds?
Once your loan is approved and all documentation provided, 8B will disburse your loan funds directly to the university you are attending.
Will 8B provide loan documents to support the visa application process?
Yes, once your loan is approved, we shall provide you with a loan confirmation letter that will show the consular officers that you have sufficient funds to support your studies in the United States.
When do I start repaying my loan?
You will be expected to make interest-only payments while you are in school and for the first six months after you graduate. After this period, you will be expected to make principal and interest payments on a monthly basis.
How long does it take to pay the loan back?
The loan has an 8-year fixed term, so you will pay back the loan within eight years after starting principal and interest payments. However, you are welcome to repay the loan in a shorter period should you wish to do so.
Am I guaranteed a job after I complete my studies?
While 8B does not guarantee jobs after graduation, we offer extensive support to help you put your best foot forward during the job search process. Our network of career mentors will always be available to provide you the necessary support you need to secure an internship or a full time role in the United States.
Are there any penalties if I choose to repay my loan early?
No, there will be no penalties if you choose to pay your loan early.
Where can I learn more about the 8B lending program?
To learn more about the lending program and to get started on your application, please visit our website: https://www.8b.africa/find-financing/
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