New HESLB Instructive Guidelines and Criteria for Loan

new heslb instructive guidelines and criteria for loan

New HESLB Instructive Guidelines and Criteria for Loan 2024/2025

Looking for student loans to pursue higher education? HESLB (Higher Education Students Loans Board) offers a wide range of financial aid options, empowering students to achieve their academic dreams. Explore HESLB’s flexible loan programs, application process, eligibility criteria, and repayment plans. Secure your future with HESLB and unlock the door to quality education today!

The Higher Education Students’ Loans Board (HESLB) is a government agency responsible for providing loans to Tanzanian students who are unable to afford the cost of higher education. The HESLB loan is a great opportunity for students who want to pursue higher education but cannot afford it. However, there are certain guidelines and criteria that students must meet in order to be eligible for a loan.

According to the Act, eligible and needy Tanzanian students who secure admission in higher education institutions to pursue academic programmes that lead to attainment of Advanced/Higher Diplomas or Degrees may seek loans from HESLB to meet part of, or all costs of their education.

This stipulation is the legal interpretation of paragraph 6.2 of Higher Education Policy (1999) which ushered in cost – sharing in the provision of higher education in the country.

Cost–sharing in higher education is construed to mean a shift in shouldering at least part of the costs of education from the Government, which had hitherto been the main financier, to the beneficiaries.

HESLB Eligibility Criteria for Loan

To be eligible for a HESLB loan, students must meet the following criteria:

  • They must be Tanzanian citizens.
  • They must be admitted to a recognized higher education institution in Tanzania.
  • They must have a good academic record.
  • They must demonstrate financial need.

Loan Amount

The amount of loan that a student can receive depends on their academic performance, financial need, and the cost of their education. The maximum loan amount is 40 million TZS.

HESLB Loan Repayment

HESLB loans must be repaid after a beneficiary graduate and get employed or self-employed. The repayment period is divided into two phases: a grace period of 2 years after graduation, and a repayment period for the other years after grace period pass. During the grace period, students are not required to make any payments. However, they must still submit annual repayment reports to HESLB.

HESLB Loan Interest Rate

The interest rate on HESLB loans is 9%. This interest rate is fixed for the duration of the loan.

How to Apply for a HESLB Loan

To apply for a HESLB loan, students must submit the following documents to HESLB:

  • A completed application form in Online Loan Application System (OLAS).
  • RITA Certified Birth certificate for Applicants. (How to Certify Birth certificate check RITA Birth Certificate Verification)
  • RITA Certified Death Certificates for  Applicants who one or both of their  parent(s) passed away.  (How to Certify parent Death certificate check RITA Birth Certificate Verification)
  • A copy of their national identity card/ Voters Registration Card of Guarantors.
  • National Identity Card Number(NIDA number Get it NIDA Number Online) of the Applicants.

HESLB Contact Information

The HESLB head office is located in Dar es Salaam. However, there are also regional offices located in all major cities in Tanzania. For more information, please visit the HESLB website or contact the HESLB call center at +255 22 286 46430.

Conclusion

The HESLB loan is a great opportunity for Tanzanian students who want to pursue higher education but cannot afford it. However, it is important to note that there are certain guidelines and criteria that students must meet in order to be eligible for a loan. Students who are interested in applying for a HESLB loan should carefully review the eligibility criteria and the application process.

 

DOWNLOAD GUIDELINES AND CRITERIA FOR ISSUANCE OF STUDENTS’ LOANS AND GRANTS FOR THE 2024/2025 ACADEMIC YEAR

  1. Mwongozo kwa Kiswahili bonyeza hapa
  2. Guidelines and Criteria in English click here

Section 6 (b) of the Act gives powers to the Board “to formulate mechanisms for determining eligible students for issuance of Loans. Section 6 (c) empowers the Board “to administer and supervise the whole process of issuance and repayment of loans”.

On the basis of budget limitation, Section 7 (1) empowers the Board to determine the maximum number of eligible students to be given loans in any particular year; while section 7 (h) empowers the Board to determine other criteria and conditions governing the issuance of loans, including the rate of interest
and recovery of loans.

On the strength of these legal powers, these Guidelines and Criteria are hereby issued to prospective loan applicants and the public at large to guide the whole process of application and issuance of loans for the 2024/2025 academic year.

 

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