The Kenya Medical Training College (KMTC) on Wednesday October 26, 2022 joined a handful of public universities, national polytechnics and TVET institutions in receiving funds from the National Treasury to finance student education.
As part of a joint effort with the Higher Education Loans Board (HELB), the college received an allocation of Sh.680 million.
During the launch of the fund in Nairobi KMTC officials described the move as one of the largest allocations in financing students’ education in the college’s history.
“The funding targets students from the most vulnerable backgrounds. We have so far received the first tranche of Ksh 170 million, and we encourage eligible students to apply,” said Board Director Zachary Muburi-Muita.
Currently, the institution has more than 54,000 students undertaking Higher Diplomas, Diplomas, Certificates and Short courses.
Of these, 13,187 accounts have matured for repayment, with 2,500 students already having paid back in full, and a further 7,000 in the process of repayingHELB CEO
Muita urged the students to explore other available financial assistance as well as take up legitimate jobs to supplement the funding, noting that the allocation may not be sufficient.
In the arrangement, HELB will receive and administer funds on behalf of the College, in addition to setting up the criteria and conditions governing the granting and disbursement of financial assistance.
KMTC Director Dr. Kelly Oluoch thanked the National Government for considering the College, noting that the funding will be a big relief for many needy students currently on the verge of dropping out of the College due to lack of fees.
HELB CEO Mr. Charles Ringera revealed that around 49,000 students have in the past benefited from the loans.
“Of these, 13,187 accounts have matured for repayment, with 2,500 students already having paid back in full, and a further 7,000 in the process of repaying,” he said.
Adding that: “The total amount repaid by KMTC students totals to Ksh 205 million from an initial disbursement of Ksh 3.5 billion.”
The two institutions have outlined a raft of measures to ensure the sustainability of the funding, including setting up a joint resource mobilization.