National Treasury has disbursed Sh. 680 million the Kenya Medical Training College aimed at financing higher student education.
With this move, KMTC now joins public universities, national polytechnics, Technical Industrial Vocational, and Entrepreneurship Training (TIVETs) who received the funds.
This is part of a joint effort between Treasury and the Higher Education Loans Board (HELB), aimed at making Higher Education more accessible. The KMTC officers described it 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 Sh. 170 million, and we encourage eligible students to apply,” said Board Director Amb. Zachary Muburi-Muita during the launch of the fund in Nairobi.
As at now, the College has more than 54,000 students undertaking Higher Diplomas, Diplomas, Certificates, and Short courses.
Amb. 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, among others.
CEO 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 Sh 205 million from an initial disbursement of Sh 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.