In a major victory for Malawi’s students, the Higher Education Students Loans and Grants Board (HESLGB) has approved a record 28,883 applicants for academic loans, paving the way for increased access to higher education in the 2024/2025 academic year.
According to Henry Chingaipe, Chairperson for the Loans and Grants Disbursement Committee at the Loans Board, the approval rate represents a remarkable 99.9% of total applicants, marking a 10% increase from last year’s approvals.
While speaking to the local media, Chingaipe expressed optimism about the increased approval rate. The Board has allocated K29 billion for this academic year, with K24 billion coming from the government’s national budget and an additional K4 billion expected during the mid-year budget review in Parliament.
The remaining funds will be sourced from various channels, including the World Bank-funded Skills for a Vibrant Economy (SAVE) project.
This development is a testament to the government’s commitment to making higher education accessible to all. With tertiary education being instrumental in fostering growth, reducing poverty, and boosting shared prosperity, this move is expected to have a positive impact on Malawi’s economy and society.
