Victoria University signs an MOU with HESFB for Gov’t students Loan Scheme

 

 After being chartered by president Yoweri Kaguta Museveni, Victoria University has today 19^th September 2022 signed a Memorandum of Understanding with Higher Education Students Financing Board (HESFB), which will enable eligible Students to apply for Government Education Loans. 

Higher Education Students Financing Board (HESFB)  is a body under Education ministry instituted by law to offer Uganda’s students aid to attain their academic dreams through extending to them affordable loans to cover their academic journey.

The students Loan scheme is only for students enrolled in selected Universities and tertiary institutions. the rest of the students are only supported on that condition that they do Sciences  and admitted to an accredited University.

Launched by president Yoweri Kaguta Museveni 2014/2015 academic year 1,201 Beneficiaries, the number have steadily increased to over 10,041 beneficiaries. The beneficiaries have been perusing over 130 degrees programmes and 76 undergraduate diploma course  mainly Science, Technology, Engineering, and math program.Victoria University also added more programs in the portal. 

While addressing the press, Mr. 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 to students who are not full capacitated to their academic dues. According to Mr Wanyama Michael, 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.

 

He further called upon students and parents to have no fears while applying for the student’s loan scheme, in fear of losing their property.

“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  Mr. Wanyama Michael.

 

 

Dr. Lawrence Muganga the Vice Chancellor of Victoria University, Used the opportunity to thank president Yoweri Kaguta Museveni for Recognizing Victoria University with Charter. Dr Muganga also expressed sincere gratitude to Higher Education Students Financing Board HESFB.  “I glad that HESFB has picked interest of taking on our students to benefit from the Government Students Loan scheme. This will see more students apply and complete Studies now” Said the University V.C, Dr. Lawrence Muganga.