The High Education Loans Board (HELB) has responded to an uproar after a section of university students experienced a change in their fund’s application status.
In a statement, the university funding body said they were unable to disburse funds for all students for the 2022–2023 academic year due to financial challenges.
“We regret that your Financial Year 2022/23 application will not be funded due to budgetary constraints. Apply for the 2023/24 subsequent application once we open,” read the statement in part.
Most of the students who complained about missing the funding were first years who said their application status was suddenly changed from verification to allocation. They will have to wait until the 2023/2024 Financial Year.
“We received applications from students who missed out. Everything was verified, but unfortunately, due to financial constraints, we were unable to help them.
“As soon as we open the application, they do not have to apply afresh. They will apply as subsequent applicants,” a Helb official told Kenyans.
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The official further added that continuing students were the top priority in the allocation, and they would receive their disbursement on time.
“We financed almost 100 percent of continuing students since we had to prioritize the lot. Our reasoning was that the students were already in session and therefore largely depended on the loan,” he explained.
In March, Helb revealed it was struggling to finance some 140,000 students following the delayed release of Sh5.7 billion from the Treasury.
The agency proposed additional funding to address the financing deficit, but the request was declined. In the current financial year, the Treasury allocated Sh15.8 billion for university students’ funding.
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 applicant’s bank account in two equal tranches covering two semesters.
