The government has suspended the application for study loans for the upcoming academic year 2023-2024. This move is a result of financial constraints faced by the Higher Education Students’ Financing Board, which oversees the Student Loan Scheme established in 2014.
The scheme aimed to provide financial assistance to deserving students from economically disadvantaged backgrounds who are unable to fund their higher education.
Since its inception, the Student Loan Scheme has successfully supported over 13,400 beneficiaries, enabling them to pursue their studies at both public and private universities as well as tertiary institutions across the country.
Michael Wanyama, the executive director of the Higher Education Students’ Financing Board, expressed the board’s current limitation in securing sufficient funds, which has led to the temporary suspension of applications for the 2023-2024 academic year. However, he assured that the board will continue to support students who are already benefiting from in-study loans, while actively engaging stakeholders to mobilize additional resources.
The primary focus of the loan scheme has been on Science, Technology, Engineering, and Maths (STEM) programs. However, learners with special needs have been eligible to access study loans for pursuing programs of their choice, including humanities programs.
The board provides financial support for various aspects of education, such as tuition fees, functional fees, research fees, and appliances for students with disabilities.
Beneficiaries of the scheme are granted a grace period of one year before they are required to begin repaying the loan.