The Higher Education Students’ Financing Board (HESFB) has officially lifted the temporary suspension of the student loan scheme, marking a crucial development for aspiring Ugandan students. This hiatus, which occurred in the past year 2023, was a response to funding constraints, tuition arrears with universities, and budget cuts.
For the first time since its establishment in 2014, the government had to halt study loans for needy yet brilliant students. The decision, prompted by financial challenges, impacted new applicants, leaving only continuing students on the scheme eligible for financial support.
In the preceding academic year, out of 3,089 eligible applications, only 625 students secured study loans, underscoring the strain caused by government budget cuts. The HESFB grappled with addressing tuition arrears, which have now surged to over Shs 14.5 billion.
Financing the Student Loan Scheme
Despite financial hurdles in the previous year, there was optimism for continuing students, with the government projecting to allocate Shs 27 billion to the board for the budget. Notably, a portion of these funds, around Shs 5.6 billion, was designated to alleviate some tuition debts.
In a letter dated May 27, 2023, Education Minister Janet Museveni advised the HESFB to temporarily suspend new funding for fresh students until outstanding tuition arrears are settled. This decision has raised concerns about the scheme’s future, with experts speculating it could signal an eventual closure.
However, as of March 4, 2024, the HESFB has officially initiated the application process for student loans, encompassing tuition fees, functional fees, and aids and appliances for students with disabilities. The application deadline is March 15, 2024.
How to Apply for Student Loan Scheme
Eligible students are required to apply online through the HESFB website and pay a non-refundable loan processing fee of UGX 53,000. The application process involves submitting essential documents such as admission letters, national Ids, academic certificates, and proof of payment.
While challenges persist, the reopening of the student loan scheme offers renewed hope for those pursuing higher education in Uganda. Applicants are urged to adhere to the outlined deadlines and requirements provided by the HESFB.
However, there has been an outcry among the people especially about the deadline of application for the loans being set on Friday 15 March 2024. This is because the senior six candidates of last year have not yet received their results. There are speculations that the results may be released this week. Still that will not be enough time for students to apply in universities,be admitted then apply for the loans.