Sign in
Download Opera News App

Economy&Finance

 

Credit card loan

 

Why Your HELB Loan Allocation May Increase Up To 200,000 Annually Next Academic Year

The Ministry of Education and the State Department of University Education have proposed a new funds allocation policy for the Higher Education Loans Board, HELB.

The Principal Secretary for University Education and Research Mr Simon Nabukwesi has come to the aid of university students telling the National Assembly to consider revising the loan disbursement policy from Ksh. 37,000 annually to Ksh. 200,000.

Too Little

Mr Nabukwesi together with the Chief Executive Officer of HELB Charles Ringers has argued that the current amount of money being given to students is too little for them to pay school fees and cater for their upkeep.

The Ministry of Education also told the house that it intends to have students purchase laptops with the additional funds. Mr Nabukwesi added that with the hiking prices of commodities and the general upward trend of the economy, it is unreasonable to continue using the same criteria for awarding loans that was used 3 decades ago.

"Due to low funding, many students missed this year’s loans. HELB is currently giving the students an average rate of Sh37,000, which is not enough. We need more funding to enable HELB to raise the loan allocation to Sh200,000 per student annually," Mr Nabukwesi commented in a report seen by Nation.

The Higher Education Loans Board is therefore seeking an additional 4.9 billion in funding from the treasury to implement the new policies soonest next academic year.

"HELB understands the need to give funds to all the students who applied for the loans and has requested for an additional Sh4.9 billion to cover the deficit," noted the CEO.

Should the Members of Parliament approve the proposal, students in higher education institutions will get up to five times the amount they are currently getting as loans from HELB.

Content created and supplied by: NewsArena (via Opera News )

HELB Ksh Ministry of Education Nabukwesi State Department of University Education

COMMENTS

Load app to read more comments