University students have now a reason to smile after the Higher Education Loans Board (HELB) raised the minimum amount in allocation.
The board has raised credit allocation to students by Sh10, 000.
According to CEO Charles Ringera, the new allocation is part of a plan to help students cope with the rising cost of living in universities.
Under the new review, each student will receive a minimum loan of Sh40,000 and a maximum of Sh60,000 per academic year from Sh35, 000 and Sh50, 000 respectively.
“The increase is meant to cushion students from rising cost of living,” said Ringera.
According to Ringera, the new adjustments were made possible after the treasury topped up the agency’s allocation with Sh1.5 billion through the mini-budget towards the end of the last financial year.
Ringera further revealed that first- year students, who started joining public universities last week will suffer delays in receiving their money something which has been attributed to late posting of admission letters to them.