Student Loan Beneficiaries Announced: 1,838 Students to Benefit.
By Teddy Namayanja
A total of 1,838 students are set to receive a major boost in their academic journey as the government announces the beneficiaries of its student loan program, under the Higher Education Students Financing Board, designed to support talented individuals from all walks of life.
The board used the district quota system to award these loans to ensure regional balance.
Districts which did not have any applicant last academic year such as Buvuma, Madi-Okolo, Kapetbyong, Kaabong, Kiryandongo, Amudat and Lyantonde presented learners for support this academic year.
According to Micheal Wanyama, CPA, Executive Director HESFB, for 11th Cohort, the board received a total of 6,661 loan applications, of which 2,880 were rejected due to ineligibilities leaving only 3,781 applications to be reviewed to selection.
“Of this, a total of 1,838 applicants were successful within the available resource envelope of Ushs 7.25 billion meant to support the first years. On average, we shall support only 27.5% applicants”. He said.
72.5% of these applicants were however not successful due to limited resources.
Out of 1,838 approved loans, 1,048 (57%) are male while 790 (43%) are females. These include 1,372 admitted to degree programs and 466 who are going to pursue Diplomas. Additionally, a total of 29 learners with disabilities including 18 males and 11 females have been approved o benefit from this program.
State Minister for Higher Education, Hon. Dr. John Chrysestom Muyingo, who represented the Minister of State of Education and Sports, Janet Kataha Museveni said the government is committed to increase funding for students’ loan scheme to enable students from less privileged to equally attain higher education. He questioned against miss using the funds.
“As the learners take on the student loan, I want to remind them that these are loans, it’s not a thank you for kalulu. It’s not grants or bursaries, this is money that ought to be repaid back to create a revolving fund so that more learners are supported using the same funds”. He emphasized.
He added that “our goal is to create a knowledgeable and skilled workforce that will drive Uganda’s development. The Student Loan Scheme is a crucial step towards achieving this vision.” He said.
Launched in 2014, the Ministry of Education and Sports in Uganda, unveiled a groundbreaking initiative – the Student Loan Scheme that aims to bridge the financial gap for students pursuing higher education, empowering them to reach their full potential.
The Student Loan Scheme is more than just a financial aid program – it’s a beacon of hope for a brighter future. It’s a testament to the government’s commitment to investing in human capital and empowering the next generation of leaders.
With this initiative, Uganda is poised to become a hub for academic excellence, producing graduates who are equipped to tackle the challenges of the 21st century. The future looks bright, and the Student Loan Scheme is leading the way.
