Financial Aid & Scholarships

The Daystar University student loan programme complements the existing scholarship programme by helping more students meet their tuition obligations. It is funded by donations. The initial USD 250,000 (KES 25 million) was donated by El and Barb Schefers, a married couple who were both 80 years old in January 2021. Raised by hardworking, low-income parents in the north-central United States, El worked and used a small student loan to complete his business degree. Barb was a full-time homemaker and caregiver to their four children and ten grandchildren, while El spent more than 40 years working in insurance. They lived modestly, raised their family on a small farm and supported organisations such as their local Salvation Army.

Over many years, the Schefers also supported 40 Daystar US scholarship students. During a 2013 visit to Daystar University, they were impressed by the quality and character of six students and by their desire to help others gain a better life and education. In retirement, the Schefers used part of their savings and proceeds from selling part of their farm to establish the loan programme. They hope it will grow into a lasting legacy of service for years to come.

The loan programme is administered entirely by Daystar University. Daystar US, the University’s fundraising arm, provides advice, but Daystar University makes all final operational decisions. The programme operates as a revolving fund with the following features:

• The donated amount is invested, and only the investment income is made available for student loans.
• The programme mainly supports postgraduate students who do not currently benefit from other Daystar scholarship programmes, although undergraduate students may also be considered.
• Beneficiaries may be offered internships at the University, particularly as graduate assistants or tutors. Daystar will also seek partnerships with other institutions that can provide internships.
• The internship programme advances Daystar’s servant-leadership values through mentorship in work ethics and giving back to the University. It also helps beneficiaries meet their repayment obligations so the fund can continue growing.
• The internship runs for three months. The standard loan is KES 90,000 per semester, although the amount may vary according to a student’s need and ability to repay.
• The loan is recovered from internship earnings. A student is expected to work within the year in which the loan is awarded. Those who do not take an internship must repay the loan from their own resources.
• Interest is charged at 6% per year on a reducing-balance basis.
• Matched funds and loan interest strengthen the revolving fund, while the principal is returned to the endowment fund.

Applications for the Schefers Loan Programme are open. Use the link below to access the application form.