The Executive Director of the Higher Education Students’ Financing Board (HESFB) Michael O Wanyama (CPA) has today confirmed the that the board will not receive applications for student loans fo the forthcoming academic year.
Mr. Wanyama, through a notice, informed the public that due to budgetary shortfalls, the Board will be incapacitated to cater for applications for Study Loans to the Academic Year 2023/24.
However, the Board will continue to facilitate in-study Loan Scheme Beneficiaries while engaging all stakeholders in resource mobilization to resume supporting new cohorts of Student Loans in the AY2024/25.
HESFB has since 2014 been implementing the Students’ Loan Scheme in a bid to increase access to Higher Education and support highly qualified Ugandan students who may not afford Higher Education.
The Board has so far supported 13,405 Beneficiaries (11,393 Undergraduate Degrees and 2,012 Undergraduate Diplomas) to study 130 undergraduate degree and 76 undergraduate diploma programmes mainly in Science, Technology, Engineering and Math (STEM), except for Learners with Special Needs who can access study loans to pursue all programmes of their choice including all Humanities Programmes.
These programmes are currently tenable at 22 Chartered Universities (10 Publics and 12 Private Chartered Universities) and 36 Other Tertiary Institutions (OTIS) in Uganda.
The Board supports qualifying beneficiaries with tuition fees, functional fees, research fees and aids and appliances (for Learners with disabilities) on a straight line basis for the entire duration of study. A Beneficiary is then offered a one-year grace period before the start of the repayment period which is twice the duration of the study period.
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