After facing budgetary constraints that led to the suspension of the students loan scheme, the Higher Education Student Financing Board successfully lobbied for a supplementary budget, securing Shs14billion from Parliament
This budget revival means the scheme can now support both new applicants and those with ongoing studies, predominantly focusing on science courses but also offering a few opportunities in the humanities, particularly in the Hospitality and Tourism sector.
The government suspended the scheme during the 2023/2024 academic year, only focusing on those who had already been registered for the scheme, due to budgetary shortfalls
Now with the scheme back special consideration will be given to students with disabilities, ensuring a wider access to higher education opportunities officials have confirmed.
“The application process for the loan scheme is set to be conducted online and will run for two weeks to facilitate a prompt return to school for the students,” Michael Wanyama, theExecutive Director of the Higher Education Students’ Financing Board (HESFB) said
Since its inception in 2014, the HESFB has assisted around 13,400 students, with a significant number achieving undergraduate degrees and diplomas in STEM fields. The recent financial boost is a beacon of hope for many, signaling a commitment to expanding educational access despite previous economic challenges.
Members of the parliamentary Education Committee have expressed support for increasing the financial allocation to the HESFB, with suggestions to expand the beneficiary count to at least 3,000 students per intake in the future. This expansion would not only accommodate more students but also diversify the range of supported programs.
The optimism shared by committee members hints at a brighter future for the scheme, dependent on the improvement of the national resource envelope and strategic policy guidance.
The decision to resume the student loans scheme marks a significant step towards ensuring that educational aspirations are not curtailed by financial constraints. It reflects a concerted effort by the government and stakeholders to prioritize education, a move that promises to have far-reaching effects on the country’s socio-economic landscape.
Michael Wanyama, the Executive Director of the Higher Education Students’ Financing Board (HESFB), said the government has released more than Shs14b to finance the scheme.
As the scheme reopens, thousands of students stand on the threshold of realizing their dreams, underlining the transformative power of education.
