HELB CEO, Charles Ringera, has announced that students seeking funding from the institution must take an exam before submitting their application.
This test is designed to inform students about the terms and conditions of the funding and categorize them for determining the amount of money allocated for scholarships and loans.
To be eligible for HELB funding, students must achieve a minimum score of 80 per cent on the exam.
“The test aims to create an awareness that this is a loan and scholarship and details the payments you will have to make depending on the classification that you are in,” He stated.
The tests will also target continuing students who are currently under the old funding model.
Ringera emphasized that the test addresses instances where students struggled to comprehend loan terms, such as the one-year grace period for loan repayment.
The CEO clarified that the grace period intends to aid students in transitioning and establishing themselves after graduation.
Highlighting the significance of loan repayments, Ringera mentioned that 33% of the board’s budget comes from loan repayments. Thus, he urged beneficiaries to fulfil their loan obligations.
Ringera further encouraged Kenyans to embrace opportunities in the informal sector as they could benefit individuals seeking job opportunities beyond formal channels.
HELB recently opened its online portal for students joining universities and institutions of higher learning seeking government scholarships, loans and bursaries to make applications.
Ringera noted that students seeking government funding have until August 27, 2023, to submit their applications before the window closes.
In the 2023-24 Financial Year Budget, HELB was allocated Sh30 billion, up from Sh15.8 billion in the last fiscal year.