The Higher Education Students’ Financing Board (HESFB) has announced it will extend study loans to final year students that are struggling financially starting the 2021/2022 academic year.
According to HESFB executive director Michael Wanyama, government has set aside Shs500m to facilitate deserving final year students offering degree and diploma programs.
Uganda has been implementing the Students’ Loan Scheme since 2014.
Wanyama says that the board has so far awarded loans to a total of 11,187 beneficiaries (9,632 undergraduate degrees and 1,555 undergraduate diplomas) to study 130 degree programmes and 76 undergraduate diploma courses mainly in Science, Technology, Engineering and Math. “Learners with Special Needs can access loans to pursue Business and Humanities Programmes,” he further noted.
At least 22 Chartered Universities (10 Public and 12 Private Chartered Universities) and 36 Other Tertiary Institutions (OTIs) admit students under the loan scheme.
Speaking at the Uganda Media Centre in Kampala on August 30, Wanyama explained why government had decided to include final year students.
“In the last seven years, eligibility into the Student Loan Scheme was open only to students joining in their first year of study and these would be funded till they finalize their studies. This was in line with the key objective of increasing equitable access to higher education to those who had finalized their basic education levels,” he explained.
“While offering this service, the Board continued to register increasing calls and appeals from students, institutions and the public to consider continuing students who face financial challenges in the course of their studies. This was exasperated by the Covid-19 pandemic which affected the economy and people’s wellbeing in equal measure. The appeals for support in the last two years have grown tremendously.”
The HESFB boss further noted that many university students fail to complete their studies due to financial challenges.
“According to the 2016 ‘Africa Higher Education Student Survey Project,’ almost 30% of all students in Uganda, who join university education on various degree programmes in various universities, never finish their courses on time, or just drop out,” Wanyama noted.
“The Board has long considered supporting this group but was only constrained by shortage in funding.”
But after the 10th Parliament approved Shs500m to the scheme, the board has announced the money will be used to help struggling final year students complete their studies.
“In its 27th meeting, the Board approved to gazette this funding to start with Final year students who are struggling to finish their study programmes,” the executive director announced.
“The funds will be directed to the finalists in the 5th, 4th, 3rd and 2nd year depending on the years of programme. In the subsequent years this will cover all continuing students as the funding grows.”
APPLICATION REQUIREMENTS
According to Wanyama, final year students who want the loans for the 2021/2022 academic year should be Ugandan, pursuing any of the HESFB’s approved STEM programmes or Programmes approved under affirmative action, must be studying from any of approved higher education institutions and must demonstrate a financial need.
ABOUT THE LOAN SCHEME
- – Implemented since 2014
- – The Board has so far awarded loans to a total of 11,187 Beneficiaries (9,632 undergraduate degrees and 1,555 undergraduate diplomas) Beneficiaries to study 130 degree programmes and 76 undergraduate diploma courses mainly in Science, Technology, Engineering and Math
- – Learners with Special Needs can access loans to pursue Business and Humanities Programmes
- – These courses are currently tenable at 22 Chartered Universities (10 Publics and 12 Private Chartered Universities) and 36 Other Tertiary Institutions (OTIs) in Uganda
- – According to the current statistics, the overall enrollment in Higher Education Institutions went up by 8.3% (that is 21,211 students) from 254,043 students in the FY2015/2016 to 275,254 in the FY2019/2020
- – In the same period, HESFB offered loans to 10,041 beneficiaries (about 50%) to study Higher Education programmes. It is no doubt that we are increasing equitable access to higher education
