KMTC students have long been waiting for an answer to the question, “Does HELB give loans to KMTC students?”
The Higher Education Loans Board (HELB) is a government institution that provides loans and bursaries to students in various institutions of higher learning. However, for a long time, KMTC students have been excluded from the beneficiaries list.
In June 2022, KMTC and HELB signed a partnership agreement that would see KMTC students benefit from the education financing scheme.
The partnership was aimed at enabling KMTC students to access HELB loans and bursaries to finance their education. This came as a relief to many KMTC students who had been struggling to finance their studies.
However, it is important to note that not all KMTC students are eligible for HELB loans, and there are certain requirements that must be met.
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Does HELB Give Loans to KMTC Students?
Yes, KMTC students can now receive loans from the Higher Education Loans Board (HELB) under a program called Afya Elimu funds.
This program was launched in 2022 and has relieved many KMTC students who previously had limited access to financial aid.
The Afya Elimu funds program is designed to cater to the specific needs of medical training students. It offers loans to cover tuition fees, accommodation, and other related expenses.
The loan repayment period is five years, with a grace period of one year after graduation. The interest rate is 4% per annum.
To apply for the Afya Elimu funds, KMTC students must meet certain eligibility criteria. They must be Kenyan citizens, enrolled in a KMTC course, and have a valid admission letter.
Students must also have a guarantor who meets the HELB requirements.
The loan application process is done online through the HELB portal. Students must fill in the loan application form and attach the necessary supporting documents.
These include a copy of their national ID, admission letter, and academic transcripts. The loan disbursement process is done directly to the institution’s account.
In conclusion, KMTC students can now access loans from HELB through the Afya Elimu funds program. This program has been a game-changer for many students who previously had limited access to financial aid.
Eligibility for HELB Loans
General Eligibility Criteria
To be eligible for a HELB loan, a student must meet certain criteria. These criteria include being a Kenyan citizen, being enrolled in a recognized institution of higher learning, and having a valid admission letter.
The student must also have a valid national ID and be registered with the National Social Security Fund (NSSF).
In addition, the student must have a guarantor who is employed and earning a regular income. The guarantor must be willing to sign the loan application form and provide the necessary documentation to support the application.
Specific Requirements for KMTC Students
KMTC students are eligible for HELB loans under the Afya Elimu Student Loans program. To qualify for this program, the student must be enrolled in a KMTC course that is recognized by the Ministry of Health.
The student must also have a minimum cumulative GPA of 2.5 and no outstanding loans with HELB.
The student must provide a copy of their admission letter, national ID, and NSSF registration card. They must also provide a guarantor who is employed and earning a regular income.
The guarantor must provide their national ID, PIN certificate, and payslip.
Once the student has met these requirements, they can apply for a HELB loan through the HELB portal. The loan amount will depend on the student’s financial needs and the cost of their course.
The loan will be disbursed directly to the student’s KMTC account to cover tuition fees, accommodation, and other related expenses.
In summary, KMTC students are eligible for HELB loans under the Afya Elimu Student Loans program. To qualify, they must meet the general eligibility criteria for HELB loans and specific requirements for KMTC students.
Application Process for HELB Loans
KMTC students who wish to apply for a HELB loan can do so by following the application process outlined below:
Online Application
The first step in applying for a HELB loan is to visit the official HELB portal at http://www.helb.co.ke and register for an account.
Once registered, the student can log in and click on the appropriate loan application link. For first-time undergraduate loan applicants, the link is labeled “First Time Undergraduate Loan Application Link.”
After clicking on the link, the student will be directed to a page where they can select and fill in the appropriate loan application form. For KMTC students, the form is labeled “Afya Elimu Loan Application Form.”
It is important to note that the loan application process is done online, and all the necessary documents must be uploaded in digital format.
Submission of Required Documents
After filling in the loan application form, the student must submit the following documents to HELB:
- A copy of the admission letter from KMTC
- A copy of the national ID or passport
- A copy of the birth certificate
- A copy of the KCSE result slip or certificate
- A copy of the bank account details
The documents must be scanned and uploaded to the HELB portal in digital format. It is important to ensure that the documents are clear and legible to avoid delays in processing the loan.
Once all the necessary documents have been submitted, HELB will review the application and communicate the outcome to the student. If approved, the loan will be disbursed directly to the student’s bank account.
In conclusion, applying for a HELB loan as a KMTC student is a straightforward process that can be done online. It is important to ensure that all the required documents are submitted in digital format and that they are clear and legible.
Loan Disbursement and Repayment
Disbursement Process
The Higher Education Loans Board (HELB) offers loans to students in institutions of higher learning to fund their education. The loans are not automatic and have to be applied for. The disbursement process is as follows:
- Once the loan application is approved, the disbursement process begins.
- The loan amount is disbursed in two equal installments, one at the beginning of each semester.
- The loan disbursement is made directly to the student’s account in the institution they are attending.
- The student is required to sign a loan agreement form before the disbursement is made.
Repayment Terms
Loan repayment is the responsibility of the student. The repayment terms are as follows:
- The repayment period begins one year after the student completes their studies or six months after they secure employment, whichever comes first.
- The loan attracts an interest rate of 4% per annum.
- The repayment period is ten years.
- The repayment is made in monthly installments.
- The loan can be repaid in full or in part before the end of the repayment period.
- Failure to repay the loan attracts a penalty of 5% per annum on the outstanding amount.
- The loan repayment can be deferred in case of unemployment or further studies, but interest continues to accrue during the deferment period.
In summary, KMTC students are eligible for HELB loans, and the disbursement process is done in two equal installments. Loan repayment is the responsibility of the student, and the repayment period is ten years.
The loan attracts an interest rate of 4% per annum, and failure to repay the loan attracts a penalty of 5% per annum on the outstanding amount.
Conclusion
In conclusion, the Higher Education Loans Board (HELB) has signed a deal with the Kenya Medical Training College (KMTC) to offer loans to its students.
This is a relief to many students who were previously unable to access HELB loans. The loans will enable the students to finance their education, including tuition fees, accommodation, and upkeep.
The loan scheme was launched in June 2022, and it has generated exciting opportunities for KMTC students.
The first disbursement of Kshs 680 million was made towards the end of 2022, and the beneficiaries have set a good repayment record. As a result, HELB has increased the financial support given to KMTC students.
KMTC joins a handful of public universities and national polytechnics that offer HELB loans to their students. This move is in line with the government’s efforts to make higher education accessible and affordable to all Kenyans.
The loans will help to reduce the financial burden on students and their families and enable them to focus on their studies.
Overall, the deal between HELB and KMTC is a step in the right direction toward making higher education accessible to all Kenyans. It is hoped that other institutions will follow suit and offer similar loan schemes to their students.
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