The Higher Education Loans Board (HELB) has announced that it has opened its portal for 2023/2024 second and subsequent loan applications.
In a notice issued on Tuesday August 1, 2023, the loans board asked Undergraduate and TVET Students were invited to make second and subsequent loan application.
“We are pleased to invite applications for the second and subsequent undergraduate loan 2023/2024 financial year from Kenyan students admitted in government-sponsored or self-sponsored programmes in public and private universities recognised by Commission for University Education,” HELB said
Application deadline is set for 30th September 2023.
According to the 2023-24 Financial Year Budget, HELB has been allocated Sh30 billion up from Sh15 billion last Year
Currently, a successful loan applicant receives between Sh35,000 and Sh60,000 per year.
Of the total loan disbursed, Sh8,000 is sent directly to the university as tuition fees and the balance to the beneficiary’s bank account in two equal tranches covering two semesters.
Helb is supposed to be a revolving fund in which beneficiaries who have completed studies pay back to support a fresh group of students.
The State has since reviewed the funding framework for universities and technical colleges, making it student-centred and which will be applied to the new cohort of students joining in the new year from July.
Under the new model, institutions of higher learning will be financed through scholarships at 80 percent and through loans at 20 percent.
Helb will loan government-sponsored students based on their levels of need classified as vulnerable, extremely needy, needy and less needy.
On July 31, Education Cs Ezekiel Machogu launched the Higher Education Financing Portal that will allow university and TVET students to access funding from the government.