The Higher Education Loans Board and the Kenya Universities and Colleges Central Placement Service (KUCCPS) will soon become one organization, according to the government’s announcement.
These two organizations will be replaced by the Tertiary Education Placement and Funding Authority under a new bill that the Ministry of Education has proposed.
The placement of students in postsecondary education and the granting of student loans are two of the ten primary responsibilities outlined in the proposed Tertiary Education Placement and Funding Bill, 2024.
“The functions of the Authority shall be to provide funding for infrastructure development and maintenance in tertiary institutions; establish a tertiary education savings scheme; disseminate information on available programs and their costs and mobilize resources to augment Government allocation for tertiary education,” the bill read in part.
The Authority’s other responsibilities include managing the Fund created by this Act, creating and maintaining a system for data management of student placement and funding for postsecondary education, and offering coordinated career counseling to those planning to pursue higher education.
The Authority will also provide financing and placement advice to the Education Cabinet Secretary.
The repayment plan for student loans will also see a significant adjustment.
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According to the bill’s proposal, students must begin repaying their loans one year after they graduate.
Beneficiaries will also need to update their employers on the status of their loans when they start working.
After each month ends, employers must send in the deductions within fifteen days.
In a similar manner, those in the workforce will contract with the government for a payback schedule.
According to the proposals, “The Authority shall develop a framework for the recovery of loans from borrowers residing outside Kenya.”
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