University Fund CEO Speaks About New Model
CEO of Universities Fund Geoffrey Monari has defended the recently disclosed revised funding model.
The new paradigm, according to Monari, fosters equity and broadens inclusivity.
“Student funding, including loans, scholarships, and bursaries, will depend on the degree of need. Financial aid will be available to all students. “Funding will be available to all students who received a C+ or higher,” he stated.
During a two-day media awareness training on student placement and the new higher education funding model, he gave a speech at Lake Naivasha Resort.
He noted that the new model will result in a Sh20.3 billion increase in the amount of money flowing to colleges.
According to the new model, colleges would be encouraged to raise more money and improve educational standards in order to draw in more students, he continued.
Mercy Wahome, the CEO of the Kenya Universities Central Placement Service (KUCCPS), and Ndegwa King’ori, the director of lending for the Higher Education Loans Board (HELB), were present at the session.
Monari voiced optimism for the model’s future.
“President William Ruto and his education minister, Ezekiel Machogu, have pledged their support for us. The finest financial mechanism for higher education is provided by them, and they have been steadfast in their support. It was past time to reconsider the funding strategy, according to Monari.
He continued by saying that the funding for the students would be determined by the program’s actual cost.
The CEO also mentioned that the framework and policies for university funding need to be examined in order to identify the costs for different types of students, such as those who are supported by the government, the business sector, or who come from outside.
To account for inflation, the price of programs will be reviewed on a regular basis. A person’s susceptibility will determine how much money they receive.
Ezekiel Machogu, the cabinet secretary for education, formally opened the KUCCPS portal so that people may apply for courses.
According to Machogu, all 173,127 candidates who received the required C+ grade for university enrollment are eligible to be enrolled in degree programs.
Those who received a C or lower on the simple scale would be enrolled in TVET (Technical and Vocational Education Training) institutes.
Students in public universities will have the choice to apply for government scholarships after being chosen, and this will be done using a “fool-proof tool” that will evaluate them before giving out grants.
According to the funding model, kids will be divided into three need categories: vulnerable, less vulnerable, and able.
Students from less impoverished homes will be eligible for loans of up to 40% and scholarships of up to 53%.
The funding for capable students will be provided concurrently, up to a maximum of 38% of program costs and 55% in the form of loans.
TVET students will receive funding in the amount of 32% in government scholarships and 48% in government loans.
University Fund CEO Speaks About New Model
