Tanzania: Student Loan Plan Breaks New Record

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Dar es Salaam – The Higher Education Student Loan Board (HESLB) will spend a total of 570 billion shillings in the new fiscal year (2021/22) instead of the previously announced 500 billion shillings. The money will benefit at least 160 thousand loan seekers, it became known yesterday.

The government recently announced an increase in loan funds from 464 billion shillings in the 2020/21 fiscal year to 500 billion shillings in the 2021/22 fiscal year.

However, in launching the new 2021/22 loan application guidelines and loan application window – an event held yesterday in Dar es Salaam – Minister of Education, Science and Technology Professor Joyce Ndalichako announced that President Samia Suluhu Hassan added 70 billion shillings. to the originally intended 500 billion shillings.

According to Professor Ndalichako, this year it is planned to increase the number of students by 10,000 people. The new figure breaks HESLB’s 16-year record for total loan size as the government seeks to increase the number of loan recipients in the country.

According to her, 62,000 of the 160,000 students are first-year students, while the remaining 98,000 students are continuing their university education.

“Let me reveal the secret. Until last month, the loan budget for 2021/2022 had grown to 500 billion shillings. But in the first 100 days of her presidency, Mama Samia added 70 billion shillings to the cashier, increasing the amount of loans to 570 billion shillings, equivalent to a total increase of 106 billion shillings, or 22.8 percent, ”she said.

The increase confirms the intention of the sixth phase of President Hassan’s government to enable more young Tanzanians to access credit, study well, serve the country and fulfill their dreams, she said.

Professor Ndalichako urged loan applicants to read the instructions carefully and fill out the forms correctly in order to be well placed to obtain loans.

In 2020/2021, the government granted a loan of 464 billion shillings to 149,398 students, of whom 55,287 were freshmen and 94,111 were to continue their studies.

In another case, Professor Ndalichako encouraged HESLB to continue training applicants so that they fully understand the requirements and procedures for obtaining education loans, and to continue working with various stakeholders to help many young people access loans.

In his swift response, HESLB Executive Director Mr. Abdul-Razak Badru said that they are ready to work on the directives – and that from July 12 this year, HESLB officials will start properly launching loan application programs in <#WeweNdoFuture> (You are the future) all over the country.