HELB has forever been a beacon of hope for Kenyan students who wish to see their dreams of pursuing higher education come true. Providing much-needed financial aid, HELB plays a star role in the support of students across the country. HELB, however, now faces challenges it has not experienced this year, leaving many Kenyan students in a rut.
The current year has witnessed a growing number of applications regarding financial aid for HELB, which is proof that there is a huge number of applications for students seeking higher education. This has in turn put great pressure on HELB, which is already constrained for funds due to economic challenges facing the country.
Making the situation tougher is the cut on funding from the National Treasury. Initially, the funding planned by the Treasury was for Ksh 20.5 billion in favour of HELB, yet only Ksh 14.8 billion has been disbursed. For this reason, around 100,000 college students did not get the full amount of funding they wished for. The ramifications that come with the lack of funding are huge: it increases the dropout rate and reneges on the possibility a student has of securing a good educational future.
According to Ringera, one of the representatives of HELB, this year’s applications crossed all past records to touch 500,000. That’s the number of applications for financial help received by HELB this year. Despite these stupendous numbers, Ksh 14.8 billion is not impressive when taking into consideration the budgetary requirements of HELP. HELB first requested Ksh 20.5 billion to cater to all the applicants; since this amount was reduced, now they are able to serve only approximately 341,000 students while almost 140,000 applicants are not served.
The HELB board is already worried about the effects of the money shortage. They fear that thousands of students are at risk of dropping out of their studies, which could eventually jeopardize their future as well as the educational future of Kenya.
Amid such trying times, there is always a silver lining. Ringera was hopeful that good news will turn around as the next financial year unfolds, promising increased support from well-wishers. He hopes that the treasury will have more money, enough to cater to all the students who deserve to have their educational dreams financed.
Aside from the existing problem of funding, another ailment ailing the fund is repayment by former beneficiaries. In every month of July, over 107,000 former students totally fail to repay their loans on time, further straining HELB. Timely remittance of the funds advanced for education purposes remains imperative for the continued growth of this initiative and eventual support of other students who are yet to benefit from the same. They are urged to ensure they remit the cash in time in a show of responsibility and appreciation for their former support.
