Government to increase higher education loans by 5 per cent

Dodoma. The Higher Education Students’ Loans Board (Heslb) is set to increase by 5 per cent during the next financial year compared to the current fiscal year.

Speaking in Parliament on Monday, April 29 Education, Science and Technology minister Joyce Ndalichako said the government’s plan was set to issue Sh450 billion during the next fiscal year, which kicks off on July 1.

She said the sum to be released under the period of reference, would cover 128,285 students, which is equivalent to 4.5 per cent increase compared to the current financial year.

“Of the figures, the number for first year students will account for 45,485, which translates to 10.3 per cent increase compared to the target of 41,234 students during the current fiscal year,” said Prof Ndalichako.

She was speaking during presentation of the 2019/20 financial year budget proposals of Sh1.389 trillion for her docket.

“We will do whatever it takes to make follow-up on each cent we pay so that it can reach respective students on time,” she said.

She added that the government plans to collect some Sh221.5 billion from loan beneficiaries, whose loans have already matured.

This is equivalent to 40.5 per cent increase compared to the current financial year’s target of Sh157.7 billion.