HELB To Release Loans For First Year Students Under New Funding Model.
Ezekiel Machogu, the cabinet secretary for education, said that the Higher Education Loans Board (HELB) will make loans available to first-year students under the New Funding Model on Tuesday of next week.
Machogu urged all successful applicants of the new education loans to make sure that their bank details are in line for a seamless loan payment to their accounts in a communiqué to newsrooms.
Under the New Higher Education Funding Model, the Higher Education Loans Board has completed processing loans for first-year students at TVETs and universities.
As a result, the Ministry would like to notify the successful applicants that, as of Tuesday, November 7, 2023, the monies will be credited to their individual universities and student accounts.
”Students are advised to ensure that their bank details, as provided in the application for the loans, are correct and up to date,” it added.
The new varsity funding Model was unveiled by president William Ruto in May in what the head of state maintains will onboard needy students onto less costly learning trajectories.
Under the new funding model, learners are grouped into four categories under which they are funded which considers whether they are either vulnerable, extremely needy, needy or less needy.
The vulnerable in universities are set to receive 100 percent scholarship with the government scholarship standing at 82 percent while the loan takes 18 percent.
The extremely needy students will receive 70 percent of government scholarships while the loans will contribute to 30 percent of the tuition fee.
The needy and less needy will receive 93 percent of government scholarships with 7 percent being household contributions in meeting the fees requirement.
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