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Making higher education more accessible to students in Pakistan
- EduFi, founded by Aleena Nadeem ’16, offers low-interest student loans in Pakistan using an AI-based credit scoring system to pay colleges directly.
- With their 'Study Now, Pay Later' system, they break upfront college costs into affordable installments, making education accessible to more people in Pakistan.
- EduFi disbursed over half a million dollars in loans within six months of operations, with a repayment success rate of over 99.99%.
- The company's inclusive loan qualification process aims to contribute to Pakistan's modernization and development.
- EduFi's algorithmic credit scoring system considers a borrower's financial history and pays colleges directly on their behalf, without requiring collateral.
- Borrowers repay loans with a minimal service fee of 1.4%, making college more accessible and helping individuals change their families' lives.
- EduFi aims to expand beyond Pakistan to offer student loans in Saudi Arabia and eventually throughout the Middle East, with a view to revolutionizing the global student loan system.
- Aleena Nadeem envisions EduFi as the 'SoFi of Pakistan and the Middle East,' combining the model of SoFi in the US with the inclusive credit approach of Grameen Bank in Bangladesh.
- By providing easier access to education, EduFi believes it can accelerate the development of nations by making education more accessible and affordable.
- Aleena Nadeem's personal experiences and education at MIT have shaped EduFi's mission to make higher education more accessible and affordable, ultimately empowering individuals and nations.
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