Government
has released the list of the names of undergraduate students who have
been selected to acquire financial support under the higher education
students’ loan scheme.
According to Michael Wanyama, the coordinator of the higher education loan scheme, the loans have been awarded to needy students from all corners of Uganda.
Education Minister Jessica Alupo this morning released the list of the maiden beneficiaries of the scheme at the government media Centre in Kampala.
Rev. Fr Prof Callisto Locheng, the chairman of the scheme’s board said of the 2,109 students who applied to be considered for financial support, 1,269 have been selected.
“In awarding these loans, we have a deliberate effort to ensure equity, regional balance, gender balance and socio-economic balance. Many upcountry districts have contributed fairly many students to the list of beneficiaries,” said Wanyama is an earlier interview on Saturday.
As much as beneficiaries of the loans have been sourced from across the country, they are students of the selected 13 accredited universities including Makerere, Kyambogo, Mbarara, Busitema, Gulu, Muni, Nkumba, Ndejje, Bugema, and Nkozi universities.
Others are Islamic University in Uganda, Kampala International and Uganda Christian University.
Wanyama said the loans would not cover retakes, urging students to read hard and attain high grades once they acquire the loans.
“For dead years, students will have to provide evidence on why they took such a decision and we shall act accordingly. Some people request for dead year based on genuine reasons,” argued Wanyama.
The loans cover tuition fees, functional fees, research obligations and appliances and aids for people with disability. In the future, Wanyama said, the scheme could also consider giving students more money for accommodation and meals when funds are sufficient.
Students who have already obtained government scholarship have not been offered the loans, because “they were limiting opportunities for other needy students to access higher education.”
Government has put an interest of seven per cent on the loans, meaning the Shs4 million each student will get every year will attract an interest of Shs280, 000.
Although, Centenary Bank is the only bank that government has so far partnered with to give the loans, Wanyama was fast to reveal that in coming years, more banks would be brought on board as the initiative transits from pilot stage to full-operation mode.
“Our plan is to ensure that students can pick the forms for the loans from banks of their choice and return them to those banks after filling,” said Wanyama.
The loan scheme was introduced to increase the number of needy students accessing higher education. Some sh5b was earmarked for 1,000 pioneer students this year, mainly from science courses.
Launching the scheme at Kyamgogo University in May, President Museveni urged needy bright students to take the loans but cautioned them against defaulting. He said defaulters will be arrested.
According to the Higher Education Students Financing Act, 2014, repayment of the loan shall be charged on the income of the person who received the loan. Repayment starts a year after the beneficiary has completed studies, whether employed or not.
The Act provides for a six-month jail sentence or a fine of at most sh1m to beneficiaries who try to default after graduating.
According to Michael Wanyama, the coordinator of the higher education loan scheme, the loans have been awarded to needy students from all corners of Uganda.
Education Minister Jessica Alupo this morning released the list of the maiden beneficiaries of the scheme at the government media Centre in Kampala.
Rev. Fr Prof Callisto Locheng, the chairman of the scheme’s board said of the 2,109 students who applied to be considered for financial support, 1,269 have been selected.
“In awarding these loans, we have a deliberate effort to ensure equity, regional balance, gender balance and socio-economic balance. Many upcountry districts have contributed fairly many students to the list of beneficiaries,” said Wanyama is an earlier interview on Saturday.
As much as beneficiaries of the loans have been sourced from across the country, they are students of the selected 13 accredited universities including Makerere, Kyambogo, Mbarara, Busitema, Gulu, Muni, Nkumba, Ndejje, Bugema, and Nkozi universities.
Others are Islamic University in Uganda, Kampala International and Uganda Christian University.
Wanyama said the loans would not cover retakes, urging students to read hard and attain high grades once they acquire the loans.
“For dead years, students will have to provide evidence on why they took such a decision and we shall act accordingly. Some people request for dead year based on genuine reasons,” argued Wanyama.
The loans cover tuition fees, functional fees, research obligations and appliances and aids for people with disability. In the future, Wanyama said, the scheme could also consider giving students more money for accommodation and meals when funds are sufficient.
Minister
of Education and Sports, Jessica Alupo (R), the Minister of Higher
Education , John Chrysostom Muyingo (C) and the Chairman of Higher
Education Students' Financing Board, Rev.Fr.Prof. Callisto Locheng (L).
PHOTO/ Peter Busomoke
Students who have already obtained government scholarship have not been offered the loans, because “they were limiting opportunities for other needy students to access higher education.”
Government has put an interest of seven per cent on the loans, meaning the Shs4 million each student will get every year will attract an interest of Shs280, 000.
Although, Centenary Bank is the only bank that government has so far partnered with to give the loans, Wanyama was fast to reveal that in coming years, more banks would be brought on board as the initiative transits from pilot stage to full-operation mode.
“Our plan is to ensure that students can pick the forms for the loans from banks of their choice and return them to those banks after filling,” said Wanyama.
The loan scheme was introduced to increase the number of needy students accessing higher education. Some sh5b was earmarked for 1,000 pioneer students this year, mainly from science courses.
Launching the scheme at Kyamgogo University in May, President Museveni urged needy bright students to take the loans but cautioned them against defaulting. He said defaulters will be arrested.
According to the Higher Education Students Financing Act, 2014, repayment of the loan shall be charged on the income of the person who received the loan. Repayment starts a year after the beneficiary has completed studies, whether employed or not.
The Act provides for a six-month jail sentence or a fine of at most sh1m to beneficiaries who try to default after graduating.
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