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The Higher Education Credit Board (HESLB) has allocated Sh1.8 billion for loan requesters after the appeal window opened on November 10, 2019. So far, approximately 46,838 first-year students in 2019/2020 have received loans worth Sh162.86 billion.
The board says the total amount allocated for student loans is Sh450 billion and of these, Sh164.6 billion is for first year students only and Sh285.4 billion will be loaned to undergraduate students.
Speaking to reporters yesterday in Dar es Salaam, HESLB director Abdul Razaq Badru said the opening of the window aimed at providing opportunities for needy students who owed credit for various reasons including failing to fill out forms and others did not attach important documents.
He referred to the documents as certificates of death of parents to those who lost one or both parents, letters of support to the sponsors and proof of eligibility. “Sh1.8 billion is there and for credit applicants, money is not a problem for them to prove their need,” said Badru.
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He said the board had already given notice of the window opening in advance, with the aim being to give applicants time to collect documents they had not previously attached.
“Applicants will have to fill out an online form accompanying the necessary documents to prove their need, until November 25 we will have a complete list of all students whose appeals will have been won,” said the director.
He said the goal of doing so was to coincide with the season openings of all colleges in the country.
Dr Veronica Nyahende, HESLB’s credit and debt analysis manager said the money was a loan, so they emphasized the attachment of documents is important because it will help the Government collect its debt from borrowers.
“Our goal is to make sure that every needy student applying for a loan gets money. Also the 5,000 who have been given permission to update their information are still open, continue to do so, ”said Dr Nyahende.
Over the past four years, the board has been extending funding to provide loans to those higher education students. In 2014/15 they were allocated Sh341 billion and up to 2019/2020, amounted to Sh450 billion.
Apart from the increase, there has also been an increase in beneficiaries, in 2014/2015 they were 100,936 students, in 2019/2020 they increased to 128,285.
According to Badru, apart from these achievements, over the past four years credit collections have increased from Sh21.16 billion in 2014/2015 to Sh183 billion in 2018/2019.