By eastafrican gazette
The Government of Uganda through the Ministry of Education and Sports has released a list of 1,281 students who have been granted loans for higher education for the academic year 2023/2024
This year’s release marks the 10th Cohort of beneficiaries since the Scheme, was inaugurated by the President of Uganda Yoweri Kaguta Museveni in 2014.
The inception of the Students’ Loan Scheme can be traced back to the 2011 Presidential Manifesto, following the initial universal education initiatives which brought thousands of learners to the education cycle.
While releasing the at the at the Uganda Media Centre (UMC) in Nakasero, Kampala on June 5, 2024, the Minister of State for Higher Education John Chrysostom Muyingo, noted that the government is committed to increasing equitable access to higher education.
The financing board recently received a sum of Uganda shs13.958 billion to settle the outstanding domestic arrears owed to the Tertiary Institutions and to assist a new group of students in the academic year 2023/2024.
Muyingo thanked the board for their unwavering commitment and diligence in managing the student loan process for the Academic Year 2023/24.
Despite the challenges encountered this year, he noted that the board demonstrated unwavering dedication and professionalism in providing students with the necessary financial support to pursue their higher education aspirations.
“I would like to inform the Universities that all the outstanding arrears are going to be paid off before the close of the financial year 2023/2024.I am happy to note that the 1,196 Beneficiaries being added to the Scheme today increases the number to 14,601 student loan beneficiaries,” he added.
He observed that there is a very high chance that many of the students would have missed out on higher education if it were not for the government’s strategic intervention.
“I applaud the NRM Government for continuing to innovate and introduce programs that uplift our people and position them to compete and succeed in the academic arena,” he said.
“We recognize the need for more funding to capitalize the Higher Education Students’ Financing Board. The applicants averaged to 2000, the demand now outpaces the available resources with an average of more than 4,000 every year,” he noted.
Muyingo stressed that he is still lobbying for increased funding to target 3,000 learners per year in line with the current board’s approved strategic plan.
“It is also important to note that since the board started operations, apart from the increasing number of qualified candidates, the number of Chartered Higher Education Institutions have increased from 12 initially to 23,” he noted.
He said currently, 40% of former beneficiaries are paying back part of their loan obligations including those who are clearing their loans before the end of the grace period.
He urged more female students to apply for the support under the scheme.
He stressed that despite the low number of applicants from female gender, the affirmative action which offers female applicants 7-extra points ensured all the eligible female candidates that applied for the students’ loan scheme were successful.
Muyingo noted that there are already 317 (27%) successful female applicants.
He urged the girl child to take always take up “this offer” as they stand higher chances of getting the government support.
In the overall awards, the Northern Region emerged as the frontrunner with the highest number of successful applicants, out of the 74 Districts.
He also noted that all 11 Persons with Disabilities achieved success in their applications this year.
The chairperson of the board, Eng. Dr. Charles Wana-Etyem, said during the academic year 2023/2024, the board received 1, 921 loan applications, of which 640 were rejected due to falling outside the eligibility criteria leaving a total of 1,281as eligible applicants.
Out of the eligible applicants 964 (75.25%) were male applicants while 317 (24.75) were female.
“Working off a budget of Uganda shs5.2billion, the board was able to support 1, 196 beneficiaries, which represents 93.4% of the eligible applicants numbering 1, 281. This so far represents the highest number of successful applicants to funding ratio in the decade of the board’s operations,” he noted.
He said the 1,921 loan applications received this academic year represents a significant drop in the number of applicants by 25.8% against a total of 2,417 applications received in the academic year 2022/2023, having had a bumper 6,247 applications in the academic year 2021/2022.
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