HESLB ups loan amount per student

DAR ES SALAAM: THE Higher Education Students’ Loans Board (HESLB) on Saturday unveiled a list of over 21,000 first-year successful loan applicants.

The unveiling of the list was concurrently made with good news, stating that it had increased a minimum loan per each student by 11.1 per cent starting this financial year.

With the new change, a minimum amount of loan per each beneficiary has increased from 2.7m/- to 3m/-, as the board unveiled a list of 21,509 first year students selected during the first phase selection who would benefit from 70.78bn/- in loans.

Speaking during  a press conference yesterday in Dar es Salaam, HESLB Executive Director Dr Bill Kiwia said it is expected that the number of beneficiaries in the following second phase will be higher.

This first phase includes first-year students who have been allocated loans for undergraduate degrees, Practical Law School and Master’s degrees.

Dr Kiwia said that all students who applied for loans for the 2024/2025 academic year can access detailed information about their loans through the accounts they used to apply, commonly known as SIPA (Student’s Individual Permanent Account).

“Today, we have started releasing loan information for all categories. Those who have been allocated loans and those whose applications are still being processed can access their details through the same account used for applying for the loan; there is no need to visit HESLB offices,” said Dr Kiwia, adding that the allocation of loans for diploma and PhD students is ongoing.

Dr Kiwia said that HESLB has begun preparing payments for new and continuing students who are loan beneficiaries with the aim of ensuring that funds reach universities on time.

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“This year, the government has allocated 787bn/- for a total of 245,799 students, including over 88,000 first-year students who have been allocated 284.8bn/-,” said Dr Kiwia.

He added that the 2024/25 budget has increased by 38bn/- equivalent to 5.1 per cent compared to the 2023/24 budget of 749.4bn/-.

“We thank the government, under President Samia Suluhu Hassan, for the increase of budget allocation which has also enabled an increase in amount of loan per student,” he stated.

Regarding the responsibilities of universities, Dr Kiwia reminded institutions that have not yet submitted examination results for continuing loan beneficiaries to do so promptly to enable HESLB to prepare payments on time.

“There are a few universities have not yet submitted the results, we are reminding them and insist that they should do so quickly,” he emphasised.

He further informed that the second phase of list of beneficiaries would come out next week.