The Government has raised the minimum amount of money that it loans out to university students.
The Higher Education Loans Board (Helb) will now give successful students at least Sh40,000, up from Sh35,000.
Under the revised rates announced by Helb Chief Executive Officer Charles Ringera yesterday, the maximum amount a student can get will be Sh60,000.
He said this year, 76,000 students, who will be selected to join public and private universities, will be given government loans.
Mr Ringera said this figure has gone up by 14,000 students compared to last year.
READ MORE
MP seeks radical laws to guide surrogacy, prevent exploitation
Most truck drivers have health conditions, says State agency
Court halts JKIA deal with Adani, orders evidence of cancellation
Ruto's purge on allies of former DP now extends to the Senate
In 2015, some 62,000 students got Helb loans, Mr Ringera said.
He said the directive by President Uhuru Kenyatta to the Kenya Universities and Colleges Central Placement Service to take up more students opened the bracket for beneficiaries.
Treasury allocated the board Sh9.1 billion this financial year. This means that Helb will have to source an additional Sh700 million to manage the huge intake.
"Cumulatively, we shall require Sh9.8 billion to take care of all the new and continuing students," said Ringera.
Ringera added that the board plans to increase loan recovery to Sh4.1 billion, while raising an additional Sh300 million from alternative sources.
