President William Ruto is taking significant steps to address concerns regarding the new university funding model implemented by his government.
During a recent engagement, the President announced plans to form a broad-based committee that will include university students and other key stakeholders.
The primary aim of this committee is to evaluate and resolve issues related to the funding model and the Higher Education Loans Board (HELB) interest rates.
The new university funding model, which was introduced to ensure more students from underprivileged backgrounds receive financial support, has faced criticism.
Under this model, scholarships are awarded based on a mean testing system, where students from poorer families are supposed to receive up to 80% of the scholarship funds.
However, there have been complaints that some deserving students are receiving less funding due to flaws in the categorization process.
Acknowledging these issues, President Ruto emphasized the importance of refining the mean testing model to ensure fairness.
"We need to improve the mean testing model so that a student who should get an 80 per cent scholarship is not placed in the 50 per cent category," he said.
The President expressed his willingness to collaborate with students to perfect the model, ensuring it serves its intended purpose effectively.
The committee, which will be formed in the coming week, will include representatives from various groups, such as university students, vice-chancellors, and officials from the Ministry of Education.
The goal is to have a comprehensive discussion on the funding model and come up with practical solutions that can be implemented before students return to their institutions in September.
One of the key issues the committee will tackle is the inequality in categorizing students for scholarships.
Many students have pointed out that the current system does not accurately reflect their financial needs, resulting in inadequate funding for those who need it the most.
This has led to a situation where some underprivileged students receive less financial support than they are entitled to.
President Ruto is committed to ensuring that the funding model is fair and equitable. By including students in the decision-making process, he aims to address their concerns directly and develop a system that works for everyone.
"I am ready to work with the students to get the model right," he stated, highlighting his dedication to creating a more just and effective funding mechanism.
Another major concern for university students is the interest rate on HELB loans. Currently set at 4%, students have proposed reducing it to 2%. President Ruto has shown openness to this idea but emphasized that any changes must be based on sound financial principles.
He challenged students, especially those studying Actuarial Science, to develop a formula for determining appropriate interest rates.
The President's willingness to engage with students on the HELB interest rate issue demonstrates his commitment to finding solutions that are both practical and beneficial.
He acknowledged the importance of making the loans more affordable for students, especially given the financial challenges many face.
In addition to addressing interest rates, students have also proposed changes to the HELB repayment grace period.
They suggest that loan repayment should begin only after beneficiaries secure employment or after a certain number of years of employment.
President Ruto agreed that this proposal is reasonable and promised to work with relevant agencies and students to establish a fair grace period.
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