Despite the impressive successes achieved by the Higher Education Students Financing Board (HESFB), this website has learned that the board will cease to be independent and will be reintegrated into the Ministry of Education. However, State Minister for Higher Education Chrystom Muyingo assures that the scheme will be bolstered with additional funding.
“We are not strangling the Higher Education Students Financing Board. The name will change after being integrated back into the mother ministry, and its budget will be increased,” Muyingo stated.
“The loan scheme program is a product of the NRM and it is here to stay,” he added.
According to HESFB Executive Director Michael Wanyama, a total of 14,601 learners from 23 universities, both public and private, and 36 other tertiary institutions have benefitted from the scheme to date.
The HESFB began implementing the student loans scheme in 2014 and has since supported about 13,400 beneficiaries. This includes at least 11,393 individuals who have acquired undergraduate degrees and 2,012 who have obtained undergraduate diplomas, primarily in the fields of Science, Technology, Engineering, and Mathematics (STEM).
Wanyama highlighted that the scheme has increased equitable access to higher education, supported qualified students who cannot afford higher education costs, backed programs critical to national development, and ensured regional balance in higher education services for all Ugandans.
“The introduction of the student loan scheme has created opportunities for less privileged learners to access higher education at both undergraduate degree and diploma levels. It has provided opportunities to many Ugandans who would otherwise not have had the chance to pursue their academic dreams,” Wanyama said.
“The board considers regional balance, gender, socioeconomic status, and equity in accordance with the Higher Education Students’ Financing Act of 2014. All applicants were subjected to a uniform scorecard, which uses proxy indicators to make lending decisions. These indicators are factored into an ICT software scorecard. As a result, student loans have been awarded to the most deserving applicants. The good news is that 93.4% of eligible applicants were successful,” he added.
Addressing the media, Wanyama revealed that this year’s budget allocation is Shs 5.2 billion for the student loan scheme, which will fund 1,196 students at both undergraduate degree and diploma levels.
The number of tertiary institutions benefiting from the scheme has grown from 12 universities in the academic year 2014/15 to 23 universities and 36 other tertiary institutions currently.
The board has increased the number of supported programs to 136 undergraduate science programs and 76 diploma programs. Additionally, persons with disabilities are supported for any program they are admitted to, whether in science or humanities disciplines.
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