Over 600 to benefit from students loan scheme

The Minister of State for Higher Education Mr. Chrysostom Muyingo has released the list of ninth Cohort of Student Loan Scheme Beneficiaries for the Academic Year 2022/23.

According to the Loan Award Report presented by the Chairperson Governance Board, Eng. Dr. Charles Wana-Etyem, the Board in received a total of 3,089 Loan applicants for the academic year 2022/23, representing a 51% reduction in the numbers compared to 6,256 applications received in the academic year 2021/22.

Of the 3,089 received applications, only 2,417 (78%) were eligible into the Scheme. Of these 1,854 (77%) are male while 563 (23%) are female. Using the budgetary allocation of Shs 2.6 Billion, the Board was able to award financial support to 625 applicants, of which 418 (67%) are male while 207 (33%) are female.

Out of the 625 successful applications, 518 (83%) are undergraduate Degree students, while 107 (17%) are undergraduate Diploma students.  Eng. Dr. Wana-Etyem said that the small number of diploma applicants was due to delay in the admission of students by the Joint Admissions Board.

The Executive Director, HESFB, Mr. Michael Wanyama said that the Board sustained the affirmative action programme targeting female applicants and persons with disabilities where the Board gave a 7-point advantage to the female applicants and persons with disabilities. 23 Persons with Disabilities were selected to study various programmes in sciences and humanity programmes.

Dr. Miyingo assured the Board of more funding to the Scheme. “We recognize that there is need for more funding to capitalize the Board as the current demand for student loans has certainly surpassed the available resources,” he said.

“My Ministry will seek audience with our counterparts at the Ministry of Finance, Planning and Economic Development and colleagues in Parliament to lobby for increased funding for the Board.”

Miyingo acknowledged that this year’s list of beneficiaries delayed due to extended processes of appointing a new Governance Board which was a prerequisite for the approval of the 9th cohort of beneficiaries.

He called upon the beneficiaries to make efforts and deposit their monthly installments so that those coming after them can also receive similar support.

HESFB is a body under Education ministry instituted by law to offer Uganda’s students aid to attain their academic dreams through extending to them affordable loans to cover their academic journey.

Introduced in 2014, the body extends loan to only Science students, special cases from Social Sciences and the Disabled.