Government’s Bold Proposal: Doubling HELB Funding to Empower University Students
Ndindi Nyoro, member of parliament for Kiharu and chair of the Parliamentary Budget Committee, disclosed on June 10 that the Higher Education Loans Board (HELB) would receive an additional Ksh15 billion in the 2023/24 fiscal year.
While distributing bursaries in his district, Nyoro emphasized the government’s commitment to ensuring university students can study uninterruptedly. Consequently, HELB funds will increase from Ksh15 billion to Ksh30 billion after Treasury CS Njuguna Ndung’u reads the budget on June 15.
Under Cabinet Secretary Ezekiel Machagu, the government also allocated Ksh630 billion to the education portfolio.
A portion of the funds would be used to hire 20,000 teachers for elementary and secondary schools, as well as technical and vocational schools.
“The government is giving education the importance it deserves because the future of this country depends on the young people who are currently in school.” “A well-educated generation is the key to a prosperous future for our country,” declared the lawmaker.
Treasury estimated that President William Ruto’s first budget will be Ksh3.6 trillion, which is Ksh215.03 billion more than former President Uhuru Kenyatta’s final budget.
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In March 2023, HELB CEO Charles Ringera revealed that a lack of funds would prevent over 140,000 students from receiving loans.
“Currently, we are unable to fund Ksh5.7 billion for 140,000 students in TVETS and universities,” the CEO reported to the Parliamentary Committee on Education.
Due to the challenging economy, several graduates have been unable to secure employment, causing them to default on their loans.
All borrowers with outstanding HELB loans are required to begin repayment one year after graduation.
The Credit Reference Bureau (CRB) listing begins six years after graduation, which Ringera refuted on May 9.
“When we hire you for the first year of the application, we are aware of the course schedules. The account then receives a timer. “You may contact us if you are unable to graduate by the deadline,” he explained.
Government’s Bold Proposal: Doubling HELB Funding to Empower University Students
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