National Higher Education Students Loans and Grants Board, has said President Peter Mutharika has authorised the Loans Board to be granted additional resources.
According to the board, the loans will accommodate needy deserving public university students who were on the verge of withdrawing or had already withdrawn from their 2015/16 academic studies on financial reasons.
“The Loans Board is pleased that Government under the leadership of His Excellency Prof. Arthur Peter Mutharika has come to the rescue of the situation which was dire and that indeed the Loans Board has been incapacitated to facilitate the increased support to needy and deserving students,” Chipungu said.
Chipungu said almost 286 students did not register and dropped out of school and undergraduate students totaling 1,232 withdrew and are expected to benefit.
According to the board, in the 2015/16 financial year, Parliament approved the Loans Board Budget of K1,500,000,000 to cater for the 2015/16 loans scheme and for the establishment of the Loans Board Secretariat and the management of its operations.
The board said 10,355 students applied to access the loans in 2015/16 financial year. According to Chipungu, the board screened and identified over 7,000 loan applicants as needy and deserving. However the Loans Board said 85percent of its budget (K1,255,000,000) only reached out to 4,662 public and private university students.
Executive Director for Education Students Loans and Grants Board, Chris Chisoni, said the students who were withdrawn should engage their university administrators for continuation of their studies.
“We urge all public university administrators to keep the afore mentioned categories of students in their university campuses whilst the Loans Board is doing the policy related screening and verification processes until the funds are remitted to them, ”Chisoni said.
He said students who withdrew and are due to go back to college should be assured of the loan before returning to college.
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