University Funding CEO Statement on New University Funding Model
University Funding CEO Statement on New University Funding Model. Geoffrey Monari, CEO of Universities Fund, defended the recently revealed revamped funding scheme.
According to Monari, the new paradigm promotes equity and broadens inclusivity.
“The amount of need will determine how much money is available for students, including loans, scholarships, and bursaries. All students will be eligible for financial help. “Funding will be available to all students who received a C+ or higher,” he said.
He delivered a speech at Lake Naivasha Resort during a two-day media awareness training on student placement and the new higher education funding model.
He stated that the new model will enhance the amount of money going to colleges by Sh20.3 billion.
He went on to say that the new model would drive institutions to raise more money and boost educational quality in order to attract more students.
Ndegwa King’ori, the director of loans for the Higher Education Loans Board (HELB), and Mercy Wahome, the CEO of the Kenya Universities Central Placement Service (KUCCPS), attended the meeting.
Monari expressed hope for the future of the model.
We have the support of President William Ruto and his minister of education, Ezekiel Machogu. They have been constant in their support and offer the best financial support system for higher education. Monari thought it was past time to rethink the funding plan.
The funding for the pupils would be decided by the program’s actual cost, he stated.
In order to determine the costs for various sorts of students, such as those who are supported by the government, the business community, or who are from outside, the CEO also said that it is necessary to analyze the structure and rules for university funding.
The cost of the programs will be periodically reassessed to take inflation into consideration. How much money someone gets will depend on their susceptibility.
The KUCCPS portal has officially been established by cabinet secretary for education Ezekiel Machogu so that anyone can apply for courses.
All 173,127 candidates who obtained the necessary C+ grade for university enrolment, according to Machogu, are qualified to enroll in degree programs.
A C or lower on the simple grading system qualified a student for enrollment in TVET (Technical and Vocational Education Training) institutions.
After being selected, students in public colleges will have the option to apply for government scholarships. This will be done using a “fool-proof tool” that will assess the applicants before awarding awards.
Children will be categorized into three need groups based on ability, vulnerability, and less vulnerability.
Less fortunate students may be eligible for loans up to 40% and scholarships up to 53%.
Concurrently, funding up to a maximum of 38% of program costs and 55% in the form of loans will be made available to qualified students.
TVET students will receive money from the government in the form of 48% in loans and 32% in scholarships.