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KIU's Stephen Baingana Repays 8 Years' Students Loan in Advance


By Stuart Bogere

KIU, Main Campus - KIU's Stephen Baingana has become the latest Loan Scheme Beneficiary to completely repay his loan of UGX18,793,480shs that he obtained from to study a Bachelors of Civil Engineering at Kampala International University in 2015, and completed in 2019.

This was revealed by Michael Wanyama, the Executive Director of the Higher Education Students Financing Board (HESFB), which is the government entity in charge of the student loans scheme.

Baingana was the only one of his three siblings who had completed UACE the previous year and got a chance to progress with University Education.
Fortunately, in 2020, he got a job with a Local Engineering Firm and started paying off his loan monthly. Months later, however, he lost the job when the company laid off workers due to the effects of COVID-19 on the economy. 

He went ahead and paid off the balance from his extra savings, and also approached a relative who helped to top up the remainder. His motivation to completely pay off the loan eight years ahead of schedule, he said, was to offer an opportunity to another student to study.

He added that unless he was helped by the Students Loan Scheme, he too could have missed out on higher education just like his two brothers.
Baingana joins a growing number of loanees who are paying off their loans in the “grace” period (within 10 years after finishing campus) and in this way, aiding the operationalization of the revolving fund.

Kampala International University is partners with HESFB whose mandate is to provide Loans and Scholarships to Ugandan students seeking to pursue Higher Education.