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HESFB Loan Scheme Marks 10-Year Milestone, Awards 1,196 Students

Hon. Dr. J.C Muyingo, Minister of State for Higher Education addressing press at Uganda Media Centre

Kampala, Uganda – The Higher Education Students’ Financing Board (HESFB) has awarded 1,196 students with loans for the academic year 2023/2024, marking a significant milestone in the scheme’s 10-year history.

Hon. Dr. J.C Muyingo, Minister of State for Higher Education, officiated at the release of the successful loan beneficiaries and praised the HESFB for their dedication and professionalism. “Despite the unique challenges faced this year, the Board persevered with dedication and professionalism to ensure that students received the financial support they needed to pursue their higher education goals,” he noted.

The Minister emphasized the government’s commitment to increasing equitable access to higher education. “The Government of Uganda is committed to increasing equitable access to Higher Education,” he said.

According to Minister Muyingo, the government loan scheme has played a central role in creating opportunities for the less privileged learners to access higher education,  “we are committed to continuing this support.” he said

Additionally, he announced that the Board had been allocated UShs 13.958 Billion to pay off outstanding domestic arrears owed to tertiary institutions and support a new cohort of learners. “The Board was recently given a total of UShs 13.958 Billion to pay off the outstanding domestic arrears owed to the Tertiary Institutions and also support a new cohort of Learners in the academic year 2023/2024,” he revealed.

He however encouraged the beneficiaries to repay their loans promptly to enable others to receive similar support. “I call upon all our beneficiaries to make every effort and deposit their monthly installments so that those coming after them can also receive similar support,” he urged.

The Minister congratulated the successful students and urged them to work hard and remain disciplined. “I congratulate all those who have been selected for study loans in this academic year. I call upon them to work hard in their studies, remain disciplined and focused,” he advised.

Muyingo also praised the HESFB for its efficient online application process, which has reduced errors and increased transparency. “The online application process has progressively been accepted by applicants and is now popularly utilized without any complaints. It quickens the processing of applications and eliminates errors prone with the manual system,” he noted.

Meanwhile, the Executive Director of HESFB Michael O. Wanyama, highlighted the challenges faced by the Board, including the late approval of the supplementary budget and the need for increased funding to support continuing students. “There is need in future to fund Continuing students who are struggling to cater for their education costs,” he urged.

The loan scheme has supported 14,601 learners in 23 universities and 36 other tertiary institutions since its inception, promoting equitable access to higher education and supporting critical programs in national development.

 

Derek Kanalo
the authorDerek Kanalo
News Reporter/ Editor
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