Higher Education Students’ Loans Board was established by Act No. 9 of 2004, inaugurated by the Hon. Minister for Higher Education, Science and Technology on the 30th March 2005 and became operational in July 2005. The objective of the Board is to assist, on a loan basis, needy students who secure admission in accredited higher learning institutions, but who have no economic power to pay for the costs of their education. The Board is also entrusted with the task of collecting due loans from previous loan beneficiaries in order to have a revolving fund in place so as to make the Board sustainable.
Section 6 of the HESLB Act No. 9 of 2004 provides functions of the Board as follows:-
(i) To assume responsibility for the control and management of all loanable funds as vested in the Board.
(ii) To formulate the mechanism for determining eligible students for payment of loans.
(iii) To administer and supervise the whole process of payment and repayment of loans
(iv) To keep the register and other records of students loan beneficiaries under the Board
(v) To advise the Minister on matters of policy and of the law concerning provisions and recovery of loans to students.
(vi) To establish operational links between the Board and higher education institutions with student loan beneficiaries for facilitating a smooth, efficient and effective administration of the loan funds
(vii) To establish operational links with employers of loan beneficiaries for the purpose of facilitating the recovery of the loans granted.
(viii) To establish networking and cooperation links on a mutually beneficial basis with institutions and organizations, be they governmental or non-governmental, local,foreign or international
(ix) To conduct research and maintain a data bank on other local and external scholarships,sponsorships and awards that may be accessed by Tanzanian students in need or in search of opportunities and financial sponsorship or assistance for higher education and/or training.
(x) To ensure the overall efficient and effective implementation of the provisions of the Act and of any such other written law concerning Government loans and
(xi) To perform such other functions as are conferred upon the Board by or under the Act or any other written laws.
1. HESLB’s Main and Strategic Objectives
1.2 The main objective of HESLB is to assist on a loan basis, needy Tanzanian students who secure admission in accredited higher learning institutions, but who have no economic power to pay for the costs of their education. in order to sustain its activities HESLB is entrusted with the task of collecting due loans from previous loan beneficiaries given loans by the government since 1994, in order to have a revolving fund in place. Accordingly the powers of HESLB are; to administer both movable and immovable property(ies) of the Board, to borrow money for any purpose deemed fit by the Board, to determine other criteria and conditions governing the granting, the interest rate and recovery of loans and, to determine the number of needy eligible students to granted loans yearly.
1.3 Strategic Objectives
the essence of HESLB Strategic Plan 2011-2014 is to look for strategies of implementing the Board’s main objectives including formulation of strategic objectives which, when effectively implemented culminates into attaining of the main objectives. The stakeholder’s analysis and the internal environmental scan of the Board have identified five strategic objectives to guide the attainment of HESLB’s main objectives during 2011-2014 period.