Office of the President yesterday hosted the official launch of the Integrated loan management information system, online application, and the sixth cohort loan application call for the academic year 2019/2020, at a function officiated by the Minister Of Education and Sports, Hon. Janet Kataaha Museveni.
The ceremony attracted several invited guests from the education sector including students from several universities and other tertiary institutions who have successfully applied for the students’ loan scheme for the year 2019/2020.
The Higher Education Students Financing Board offers loans and scholarships to Ugandans who intend to pursue accredited courses of study or programme of higher Education in accredited institutions of higher learning recognized by the National Council for Higher Education.
While speaking at the function, Michael O. Wanyama, Executive Director of the Higher Education Students Financing Board highlighted on a number of issues including the requirements needed before applying for a loan, updates about the newly launched online application system, among others.
It is now official that applicants can visit the board’s official website to apply for a loan without being physically present like it has been. However, the physical presentation of forms and other documents is still functional as well.
“The board started with 26 undergraduate programmes, in 12 chattered universities during the financial year 2014/2015 and has since scaled up courses that include; 71 diplomas, and 126 undergraduate programmes. “ Wanyama said.
Wanyama added that he loans awarded to students cover the students’ tuition fees, functional fees, research fees, payable to tertiary institutions and funds to cover needs of persons with disabilities. According to Wanyama, the funds are directly paid to tertiary institutions, not to the beneficiaries in a bid to ensure that the funds are not diverted to meet other expenses.
While explaining further about the loan scheme, Wanyama also listed the criteria followed before approving a loan to be given to a particular student.
“For one to get a loan, he or she must meet the following criteria; the applicant must be a Ugandan, admitted for an accredited course or programme to study, admitted in a chartered institution of higher learning and must also apply for a loan as a first-year student. And in awarding the loan, the board takes into consideration regional balance, gender, social and economic status, and in accordance to the law established by the board.” Wanyama explained.
The Minister of Education and Sports Hon Janet Museveni hailed the newly launched online application system as she revealed that it is quit an improvement to see that technology is slowly taking over her ministry.
“I would like to congratulate the Higher Education Students Financing Board upon finalizing the development of this ICT infrastructure that is used in loan application, loan disbursement, document management, and database. I’m happy to learn that the development of this system has been completed” Mrs Museveni said.
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