KAMPALA: Victoria University on September 19, 2022, signed a Memorandum of Understanding with the Higher Education Students Financing Board (HESFB).
Higher Education Students Financing Board (HESFB) is a body under the Education ministry instituted by law to offer Uganda’s students aid to attain their academic dreams by extending to them affordable loans to cover their academic journey.
These loans are mainly extended to only science students, special cases from social sciences, and the disabled. They also consider students who scored highly but are unable to facilitate themselves at the university and other institutions.
While addressing the press, Wanyama Michael, the Executive Director of the Board said that since the Board was instituted in 2014, it has been helping to secure academic financing for students who are not fully capacitated to their academic dues. According to Wanyama, the Project has helped more than 12780 students in the period of eight years and it is not attached to collateral securities, it only needs a student with qualifications accepted to higher institutions.
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He further called upon students and parents to have no fear of losing their property while applying for the student loan scheme.
“Parents and students fear applying for these students Loans thinking that we shall take their property in case they fail to back the loan, in this case, we don’t request for collateral security amongst students and parents, but they are required to pay the loan after completing studies,” said Wanyama.
Dr. Lawrence Muganga the Vice Chancellor of Victoria University, used the opportunity to thank President Yoweri Kaguta Museveni for recognizing Victoria University with a Charter. Dr. Muganga also expressed sincere gratitude to Higher Education Students Financing Board HESFB. “I am glad that HESFB has picked the interest of taking on our students to benefit from the Government Students Loan scheme. This will see more students apply and complete studies now,” he added.
