Hope restored for 140,000 students in new funding model

HELB LOANS

Hope restored for 140,000 students in new funding model 

The new model will see an increase in government allocations to Helb

In Summary

·         The students were set to miss out on student loans following the slashing of over Sh5 billion by the government.

·         University Fund CEO says the government will be able to take care of the 140,000 under the new model.

Universities Fund CEO Geoffrey Monari and Higher Education Loans Board CEO Charles Ringera during a presentation to the National Assembly Committee on Education and Research on February 17,2023
Image: Star Digital Media

Hope has been restored for the 140,000 learners who were set to miss out on student loans following the slashing of Helb allocations earlier this month. 

Speaking during an interview on Citizen TV on Tuesday, University Fund CEO Geoffrey Monari said the new funding model will cater for the 140,000 students.

“The extra Sh30 billion is going to Helb as loans to students. As for grants we have Sh15 billion, out of which the national treasury has already allocated Sh5.9 billion," he said.

"What we need to enhance is the loan component which is coming to Sh30 billion.  This means that we would take care of the 140,000 students that Charles Ringera mentioned, in the coming financial year."

Speaking during the same interview, Helb CEO Charles Ringera, confirmed that under the new funding model, students in the needy and less needy categories partaking Bachelor of Medicine courses will access loans of approximately Sh2.1 million over the whole course period of 6 years.

The new funding model will also see an increase in government allocations to the Higher Education Loans Board to Sh31.6 billion.

This comes barely a month after Ringera cited challenges in disbursing Helb loans following a move by the government that saw more than Sh5 billion slashed resulting in a lack of funds for 140,000 students.

During the unveiling of the new funding model, President William Ruto announced that the government had increased university education funding by 56 per cent to Sh84.6 billion in the 2023-24 financial year.

The new model allows students who fall under the needy background to access up to 40 per cent of Helb loans for a degree course in a public university and 30 per cent in a TVET institution.

Students who fall under the less needy background will access up to 55 per cent of the loans for a degree course in a public university and up to 48 per cent in a TVET institution.

"Students from needy households joining universities will receive government scholarships of up to 53 per cent and loans of up to 40 per cent," Ruto said.

State will not fund diploma, certificate courses in varsities



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