Higher Education Students’ Loans and Grants Board has approved additional 373 needy students to get loans.
It means, a total of 4474 will benefit this year as K1, 255,000,000 will be disbursed to the needy students, said a statement issued by Chris Chisoni the executive director of Higher Education Students Loan and Grants Board .
“ A total of 1972 late applicants were screened and 373 students across the public and private universities have been granted the loans,” Chisoni said.
“ It means, in this financial year 2015/16, 4474 (4166 from first approved loans list and 373 from the supplementary list) students have been granted loans by the Board out of 10,198 students that applied for the loans. A total of MK1, 255,000,000 will be disbursed to needy students,” he said.
Chisoni said the Board therefore has stopped receiving loan application forms for 2015/16 financial year.
He said the list of approved names of students is being forwarded to all universities and colleges whose students have been granted loans and can be accessed in such universities/colleges by Wednesday, 13th January 2016.
“The board wishes further to announce that the disbursement of the funds is already underway and is being done in liaison with the respective universities or college administrators,” he said.
The board was instituted under the an Act of Parliament No.2 of 2015 in a bid to provide high education loans and grants to needy students.
The loans and grants scheme started in 1985 with funds from the World Bank amounting to $2.8million.
According to section 24 (a) (b) of the Higher Education Students Loans and Grants Act, the student shall be eligible for loans and grants if the student is a Malawian who has been admitted to pursue an accredited higher education programme and institution, and has no financial assistance from any other source to cover the items of cost for which the application is made.