The government has been urged to boost the Higher Education Loans Board (HELB) kitty through using monies from the unclaimed finances and assets as well as monies recovered from corrupt deals.
The National Association of Private Universities Secretary General Dr Vincent Gaitho said the Sh45 billion lying unused at the Unclaimed Financial Assets Authority as well as the Sh5 billion recently returned to the government recovered from corrupt deals can hugely boost the kitty.
Speaking during a stakeholders’ forum on Monday, Dr Gaitho, who is also the Mount Kenya University Pro-Chancellor said this will ensure students get adequate funding for their university education, thereby ending the current push and pull between them and the funding body.
He said since HELB is a revolving fund, the money from the Authority’s kitty can be paid later once the students repay their loans.
“Recently, the Ethics and Anti-Corruption Commission (EACC) handed over corruptly acquired assets and finances worth more than Sh5 billion to the government. This can also boost the kitty,” he said.
Dr Gaitho, also the chair KEPSA Education Sector Board also called for more partnerships between the government and donors in boosting the Helb kitty.
“Some multinationals and other local corporates are making and declaring super normal profits and we think they should be encouraged to donate funds as a form of Corporate Social Responsibility to boost HELB’s revolving funding to higher education students,” he said.
The funding model has been criticized by students and their parents as discriminatory, inefficient and being wrought with system delays.
The Head of Lending at HELB, Mr King’ori Ndegwa, who was also present at the forum admitted that there are delays in disbursing money to universities, colleges and student accounts because of competing demands that need funding.
“This might force reporting students to conduct fund raisers in the meantime so as to meet personal needs and requirements by the institutions,” he added.
Dagorreti North MP, Beatrice Elachi, said a Bill is in process in Parliament to harmonise all the bursaries (from national and county governments, CDF, parastatals and the private sector) currently funding higher education to be centralized.
She called on HELB to facilitate students without national identity cards (IDs) to access funding. “HELB should also make it easier for students to apply for loans,” she pleaded.
The forum came on the backdrop of the recent roll-out of the new, controversial Variable Scholarship and Loan Funding model for university students, which has brought changes in how university students pay their fees.
By Muoki Charles
