Following the release of Lot 1 and Lot 2 successful Students’ Loan Scheme Applicants, the Higher Education Students’ Financing Board (HESFB) awarded study loans to a total of 1,530 successful students.
On behalf of the Minister of Education & Sports, the Board received a total of 1,770 applications under “appeals” for reconsideration as stipulated by Section 21(5) of the Higher Education Students’ Financing Act, 2014.
The 1,770 students required a total of UShs. 8,033,184,000 at a Unit Cost of UShs 4,500,000 per student per annum and the Board tendered a request for supplementary support of UShs 6.95 Billion from Government (Ministry of Finance Planning and Economic Development) through the Ministry of Education and Sports, which has not yet been considered.
The Board therefore considered other sources of funding as stipulated below;
- A total of 80 students withdrew from the Scheme for various reasons, releasing a total of UShs 413 Million.
- 32 students changed Programmes and Institutions following their successful approval and the Board received a net saving of Ushs 28 Million.
- A total of 92 students of the 6th cohort (AY2019/20) withdrew from the Scheme, with Ushs 285 Million saved in unutilized funds.
This totals to UShs 726 Million in mobilized funds which the Board considered for reallocation. This fund was only able to support a total of 142 students out of the total appeals of 1,770. All the students’ appeals were reconsidered in view of their Means Test Scores and the extra appended information.
The new total number of Loan Scheme Beneficiaries for the AY2021/22 is now therefore 1,592 out of the 6,023 received applications. The new consolidated list of successful applicants (Lot 1, Lot 2 and Appeals) is available on our website, www.redesign.hesfb.go.ug/
The Board therefore congratulates all successful applicants and wishes you success in your studies. HESFB Staff will contact you for further guidance.
CPA Michael O Wanyama