President William Ruto has once again shared his intention of engaging young people in the country’s financial endeavors.
The president recently shared that he will now work with student leaders and vice chancellors on ways of improving their acquisition of HELB. He further emphasized on changing the model of acquiring the loan.
”We need to improve on the mean-testing model so that a student who should get 80% doesn’t get placed in the 50% category. I am ready to work with you to get the model right,” Ruto stated.
He further said that he is ready to have the discussion on a fair interest and grace period for the repayment of the loans.
Previously, only vice chancellors were engaged. The redundancy has now taken a new twist, with 20 student leaders being proposed to join the meeting.
The Higher Education Loans Board (HELB) is a statutory body established in July 1995 by an Act of Parliament ‘Higher Education Loans Board Act’ Cap 213A. It is a state corporation in the Ministry of Education.
The meeting is set for next week with 10 vice chancellors and 20 student leaders expected to attend.
Ruto’s view on HELB
Last year, Ruto has divulged his plans to merge the three funding bodies in the higher education sector, rather than HELB only.
This he said will bridge the current higher education funding gap of up to 45 percent.
Ruto added that his plan was to double the current Helb funding from Sh11billion to Sh22 billion and even eliminate Helb loan interests.
“We know many universities are facing numerous challenges and significant debts as a result of the programme’s length. The government will establish the National Skill and Funding Council that amalgamates Helb, TVET, and University Funding Board,”Ruto said.
The funding would greatly improve the education sector as more young people would be able to enroll for various courses in tertiary institutions.