Students who join the Kenya Medical Training College can now access HELB loans in a new deal inked by the two institutions.
KMTC joins a handful of public universities, national polytechnics, Technical Industrial Vocational, and Entrepreneurship Training centres who receive funds from the National Treasury to finance student education.
Already the college received an allocation of Sh680 million in what KMTC officials have described as one of the largest allocation 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 Sh170 million and we encourage eligible students to apply,” KMTC board director Zachary Muburi-Muita said.
The college has more than 54,000 students undertaking higher diplomas, diplomas, certificates and short courses.
Muita has however urged students to explore other available financial assistance as well as take up legitimate jobs to supplement the funding as the allocation may not be sufficient.
In the arrangement, HELB will receive and administer funds on behalf of the college.
It will also set up the criteria and conditions governing the granting and disbursement of financial assistance.
CEO Kelly Oluoch thanked the government for considering the college.
Oluoch said 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.
According to HELB CEO Charles Ringera, around 49,000 students have in the past benefited from the loans.
Previously, KMTC students benefitted from Afya Elimu, a fund which had USAID as the main financier before it pulled out of the fund.
The fund was a contribution of various private entities that came together to finance student education, which was disbursed through HELB.
“Of these, 13,187 accounts have matured for repayment, with 2,500 students having paid back in full, while a further 7,000 are in the process of repaying,” the CEO said.
“The total amount repaid by KMTC students totals to Sh205 million from an initial disbursement of Sh3.5 billion.”
The two institutions have outlined a raft of measures to ensure the sustainability of the funding, including setting up a joint resource mobilisation.
