The students’ loan scheme was launched on Monday, September 19, 2022, during the orientation of the new students for the September Intake 2022 at the University’s main campus in Kampala.
The loan is paid in a three year period depending on the years the student has spent at the university. According to Bob Nuwagaba, the head of communications at HESFB, if a student has a course of three years, the loan can be paid three years after studies and another year grace period given which totals to about six-eight years.
HESFB started way back in 2014 and has so far helped more than 12,000 students to date from a total of 23 universities of which 10 are public universities and 13 private in addition to Victoria Unibersity that recently received its charter.
During the launch, The Executive Director Mr.Wanyama Michael advised the students to go for the loans.
“the deadline for students to get the loan has been extended to the 15th of October 2022 to enable Victoria university students to apply since the University had just got its charter”. He said.
Mr Wanyama said that Victoria University now has all it takes to provide education support through a loan scheme, having acquired a charter.
The University secured a Charter recently after it was cleared by the National Council for Higher Education and signed off by President Yoweri Museveni.
He noted that the loan scheme is only for students enrolled in selected universities and tertiary institutions basically for science-related disciplines.
However, He said,
“Students with disabilities unlike other applicants, can pursue also arts courses. The rest of the students are only supported on the condition that they do sciences and are admitted to an accredited University.”
Dr. Lawrence Muganga, the University Vice Chancellor said that they have embraced the Students Loan Scheme to continue helping students, who are looking for high quality and affordable education in the country.
“At Victoria University, we offer hands-on, technology-based education and applied research which are essential to the productivity and prosperity of the country and the region. We always strive to ensure that our graduates have the knowledge, skills, and competencies employers want. Our graduates leave Victoria University with soft skills, quality degrees, confidence, prepared, and in demand. The Students Loan Scheme, will in effect, help move students access this quality of education.”
Mr. Muganga says that all their accredited Health Science Technology, Engineering and Mathematics (STEM), and Tourism and Hospitality programmes will be catered for under this arrangement.
Loan Eligibility and Repayment
Mr. Wanyama noted that they are currently supporting students pursuing diploma and undergraduate programmes.
“Plans are underway by Government, to also finance Post Graduate programmes and Doctoral Studies.”
“It is important to note that the Students Loan Scheme is a cost-sharing arrangement where the loan only covers the academic component of a student’s needs, ie Tuition fees: Functional fees, Research fees, Aids and Appliances for Persons with Disabilities (PWDs).”
Mr. Bob Nuwagaba, the head of public relations at HESFB says the loan is payable after one has finished the course in a three-year period, plus an additional year for the grace period. This means one has six to eight years to finance his/her loan to full payment.
He once again assured the students that there is no security needed or asked for to get the loans but only a few requirements such as a national ID, academic certificate for the UACE and UCE, a map of your current and home location to be eligible for the loan.
A student who has received the loan shall start re-paying the loan at least one (1) year after completing his/her course.
Students can now apply for the Students Loan Scheme, after securing Admission Letters from Victoria University.
