State Grants Essential Financial Relief to Students and Universities
State Grants Essential Financial Relief to Students and Universities. The Ministry of Education will release HELB loans on November 7 2023, providing much-needed Financial Relief for Students and Universities.
Remarkably, Education Cabinet Secretary Ezekiel Machogu’s announcement underscores the completion of loan processing for first-year university and TVET students under the innovative funding model.
Moreover, Machogu explicitly states that the funds will initiate disbursement to universities and student accounts on Tuesday, November 7, 2023.
Recommended Post
This transformative alteration in the financing formula, endorsed during a State House meeting attended by President William Ruto’s advisors and education ministry officials, signifies a shift in the responsibility of student fees to parents, anchored in their household financial strength.
It’s essential to highlight that this shift obviates the previous designations of vulnerable, extremely needy, needy, or less needy students, substituting them with five new categories, each with distinctive financial contributions.
This momentous change ushers in a much-needed era of Financial Relief for Students and Universities, alleviating the challenges that both have faced, including delays and student protests in recent months.
Notably, students who submitted loan applications were asked to confirm their bank information to facilitate the disbursement process, underscoring the need for a smooth and efficient system.
The disbursement of these funds is a direct response to the grievances of students who have protested and clashed with law enforcement due to funding delays.
Moreover, the revised formula, which currently awaits approval from Ruto, aims to ensure scholarships and loans for all eligible students.
In this restructured system, band one students will receive 70% scholarships, 25% loans, and a living expense supplement, with parents contributing 5%.
Transforming Higher Education Finance for a Brighter Future
Meanwhile, band two students are entitled to 60% scholarships, 30% loans, and maintenance support, with a 10% parental contribution.
Additionally, band three students meet the criteria for 50% scholarships, 30% loans, and a maintenance surge, which necessitates a 20% contribution from parents.
In the case of band four students, they are in line to receive 40% scholarships, 30% loans, and funds for maintenance, with a 30% parental contribution.
Last but certainly not least, band five students will benefit from 30% scholarships, 30% loans, and maintenance funds, along with a 40% parental contribution.
Crucially, Machogu offers valuable advice to students, urging them to verify their bank information to ensure an unhindered disbursement process.
The disbursement of these funds is a welcomed relief for universities, as they grapple with operational challenges caused by funding delays, which had forced them to allocate resources meant for existing students.
In a passionate argument, student leaders assert that such delays disproportionately affect economically disadvantaged students who depend on HELB loans for their fundamental needs, including housing and sustenance. This underscores the significance of the provided Financial Relief for Students and Universities.