KAMPALA, UGANDA: Victoria University Kampala have launched the Students’ loan scheme under the Higher Education Students’ Financing Board (HESFB) which will see its students get shielded from from the tuition burden and pay later after finishing their studies.
The students’ loan scheme was launched on Monday, September 19, 2022, during the orientation of the new students for the September Intake 2022 at the University’s main campus in Kampala.
The signing of the Memorandum of Understanding (MoU) between VU and HESFB comes barely a month after the university secured its full charter status and now sees the university join 22 other universities implementing this student loan scheme.
While addressing the students and colleagues from the media fraternity, Victoria University Vice Chancellor Prof. Lawrence Muganga said the scheme which kicks off effective immediately will greatly help students who are looking for high quality and affordable education to secured it with no worry of the tuition burden.
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“I am glad that HESFB has picked interest in taking on our students to benefit from the Government Students Loan scheme. This will see more students apply and complete studies now,” Muganga said.
Prof. Muganga however explained that the Students Loan Scheme is privileged for students enrolled for science-technology-engineering and mathematics courses (STEM), and the tourism & hospitality program only with proof that they cannot fund their tuition.
Also important to note is that students with special needs- i.e; the disabled are eligible to apply for the loan (even when they’re to pursue any arts course), and are given higher priority.
Speaking on behalf of HESFB, the Executive Director, Mr Wanyama Michael urged Victoria University students to take on the loans, saying the scheme has been helping many Ugandans secure academic financing and future employment.
According to Mr Wanyama, the HESFB project since its launch in 2014 has seen over 12780 students secure high-quality education in accredited Ugandan universities, further adding that the loans come with no collateral but only typical qualifications of a student admitted into an institution of higher learning such as (a students ID, admission letter and academic qualifications).
“Parents and students fear applying for these student Loans thinking that we shall take their property in case they fail to back the loan, in this case, we don’t request for collateral security amongst students and parents, but they are required to pay the loan after completing studies,” Mr Wanyama said.
On how the signed MoU works, Mr Bossa Kizito, the director of operations at HESFB said the agreement signed between Victoria University and the financing body ensures that both parties can achieve their respective goals of ensuring that Victoria students get the quality education they need without disturbance.
He also said that HESFB will make sure that the students who apply for this loan scheme meet the said criteria and get access to their tuition funds in time without any challenges.
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Loan Eligibility and Repayment
Mr. Bob Nuwagaba, the head of public relations at HESFB says the loan is payable after one has finished the course in a three-year period, plus an additional year for the grace period. This means one has six to eight years to finance his/her loan to full payment.
He once again assured the students that there is no security needed or asked for to get the loans but only a few requirements such as a national ID, academic certificate for the UACE and UCE, a map of your current and home location to be eligible for the loan.
A student who has received the loan shall start re-paying the loan at least one (1) year after completing his/her course
About the HESFB
The Ministry of Education and Sports under its mandate has started the implementation of Financing Higher Education studies for Ugandans through the Higher Education Students’ Financing Act, 2014 by setting up the Higher Education Students’ Financing Board (HESFB).
The objective of the Board is to increase equitable access to higher education in Uganda and also support qualified students who may not afford higher education.
The Higher Education Students’ Financing Board (HESFB) has been established to address the problem of inequitable access to higher education by many Ugandan citizens given the large number of dropouts due to their inability to meet the costs of higher education.
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