Financial system
Sh14.4bn launched for scholar loans, grants
Friday January 19 2024
Training Cupboard Secretary, Ezekiel Machogu. FILE PHOTO | NMG
The second tranche of State financing in the direction of scholar scholarships and loans in public universities underneath the brand new greater schooling funding mannequin has been launched.
The Ministry of Training stated on Thursday that the funds amounting to Sh14.4 billion will cowl scholarships and loans to first-year and persevering with college students throughout semester two of the 2023/24 tutorial yr.
Out of the entire quantity launched, Sh10.39 billion will go in the direction of loans underneath the Greater Training Loans Board (Helb) whereas Sh 3.98 billion might be disbursed as scholarships by way of the Universities Fund(UF).
Learn:ÂTackle considerations about lengthy scholar mortgage delays
The discharge of funds comes as a aid for the learners underneath the brand new mannequin of funding the place loans and scholarships are allotted to beneficiaries in response to the extent of want utilizing a way testing device.
Delays in disbursement prompted the Ministry of Training to instruct public universities to confess new learners with out insisting on charge fee final yr.
“The disbursement now brings to Sh23.6 billion the entire quantity launched by the federal government for loans and scholarships to first-year college students since they joined their respective universities in September 2023,” stated Training Cupboard Secretary Ezekiel Machogu in a press release on Thursday.
In October final yr, the federal government disbursed Sh5.3 billion for scholar loans and Sh 5.9 billion for scholarships for first years underneath the brand new funding mannequin. Some Sh10.3 billion was additionally launched to Helb in September 2023 to cater for persevering with college students’ loans in universities and technical and vocational schooling and coaching ( TVET) schools.
Beneath the brand new funding mannequin, the candidates are categorised into 4 teams: weak, extraordinarily needy, needy and fewer needy.
The brand new system that may see the weak get extra assist has been utilizing dad and mom’ background, gender, course kind, marginalisation, incapacity in addition to household dimension and composition to allocate the funds.
The federal government has undertaken to totally fund the weak and very needy college students who comprise 29 % of these becoming a member of universities and TVETs.
Beneath the brand new funding mannequin, the College Fund disburses the cash on to universities for profitable candidates to cowl their tuition charges.
Learn:ÂHelb begins disbursing Sh8.2 billion to first years
Helb alternatively disburses loans on to respective universities or schools and to respective scholar financial institution accounts or cell phone numbers for repairs.
