Mr. Stephen Baingana has become the latest Loan Scheme Beneficiary to completely repay his Loan of UGX18,793,480 he obtained to study a Bachelors of Civil Engineering at Kampala International University in 2015 and completed in 2019.
Stephen was congratulated by Mr. Michael Wanyama, the Executive Director Higher Education Students Financing Board (HESFB), the government entity in charge of the student loans scheme.
Baingana was the only one of his 3 siblings who had completed UACE the previous year and got a chance to progress with University Education.
In 2020, he got a job with a Local Engineering Firm and started paying off his loan monthly but months later lost the job when the company laid off workers due to the effects of Covid-19 on the economy.
He paid off the balance from his extra savings (Lumpsum) and approached a relative who helped to top up.
Stephen’s motivation to completely pay off the loan 8 years ahead of schedule is to offer an opportunity to another student to study.
He says, unless he was helped by the Students Loan Scheme, he could have missed on higher education like his 2 brothers.
Stephen joins a growing number of loanees who are paying off their loans in the “grace” period (before 10 years after finishing campus) and in this way, aiding the operationalization of the revolving Fund.
You must be logged in to post a comment.