Skip to content 
Every student deserves a chance to pursue an education and fulfill their dreams. Unfortunately, the lack of school fees robs some learners of the opportunity to curve their professional lives. You can enroll in your favorite college or university thanks to student loans!
Loans for students in Kenya play a great role in fostering literacy levels in the country. With most citizens living below the poverty line, education loans like HELB, Aspira Soma, Uniport, and LEAP save the day.
Regardless of the numerous student loan providers, choosing a suitable financing option can be an uphill struggle. That’s why this post focuses on the following:
- Doing the math
- Factors to consider when choosing a financing option
- Student loans in Kenya
So, which student loans can you apply to make your dreams come true?
Let’s find out!
Doing The Math
How much money do I need to complete my studies?
Before you begin looking into the different financing options within the country, you need to do the math. This will help you have a comprehensive figure that will cater to your tuition fees and related costs.
Otherwise, you might drop out due to underestimated school costs. When computing the required amount to complete your studies, you should consider the following:
- How much is the tuition fee for the entire course?
- How much will the living cost be for the entire learning period?
- How much money is required to purchase books and other learning materials?
- How much is the visa cost?
- What other expenditures do I expect to have?
Once you have the total figure you can then explore the different financing options to identify one that meets your needs.
Factors To Consider Before Choosing a Student Loan
The thought of securing funds to pursue your dream career is exhilarating, however, you need to evaluate the student loan provided. If not, you might end up with hefty debt burdens, regretting your decisions.
To ensure a smooth learning and transition journey into your profession, here are factors you should consider:
1. Affordability
Getting an education is a great step toward a bright future. Nevertheless, you must not pay a hefty price that will eat up your salary for the better part of your working life.
As a result, it’s necessary to evaluate the affordability of the student loans on your table. Check how much interest they charge and the fees involved in securing the funds.
The best student loan is one that has no interest and with low charges. But if you don’t find a zero-interest loan, apply for a low-interest one to ease your debt burden.
2. Payment Period
Are you a working student or a full-time student?
Do you need student loans that you can pay as you learn or after you complete your education?
When applying for a student loan, check the payment periods offered by the different financiers. And don’t stop there, go ahead to learn their terms and conditions for late payments to familiarize yourself with the different penalties and interest hikes associated with lateness.
If you’re a working student, check whether the payment plan is comfortable enough for you to sort out your upkeep, other financial responsibilities, and student loan repayment. This will eliminate financial strain, allowing you to work and study seamlessly.
If you’re a full-time student, assess whether the student loan offered allows you enough time to complete your studies and secure employment. You don’t want the loan providers claiming their funds before you can work!
3. Ease of Application
Your main job is to study not to spend endless hours visiting offices, filling numerous forms, and printing while forwarding lots of documents. As a result, you should find a student loan provider whose application process is straightforward.
This will allow you enough time for planning and relocation to the school location, preparing for a great learning experience.
4. Your Eligibility
While there are several student loan options, you should identify the ones you qualify for. Otherwise, you might end up getting rejected by multiple financiers, delaying you from enrolling in the program.
5. Loan Credibility
You’ve heard or witnessed horrific stories of fraud by some financial institutions. This is also an issue with student loans and you must be careful when applying for one.
Before you commit to a loan provider, research about them and find out how long they exist in the market and what their previous clients or beneficiaries say about them.
Once you are sure they are reliable and trustworthy, you can go ahead and make your application.
What Loans Are Good For Students?
Looking for a personal loan for students with no job in Kenya? Here are the top student loan providers you can explore:
1. Soma Loan By Bank of Africa
Soma loan by the Bank of Africa is a short-term loan for financing education and related costs. This loan is quite versatile as it covers all levels of education and targets businesspeople, retirees, self-employed, semi-public, and private.
With a Soma loan, you can get a minimum of Kshs 20,000 and a maximum of Kshs 500,000. The loan has no processing charges and has a 12-month payment period.
Some of the eligibility requirements of Soma loan include:
- You must be employed with reliable income or retired with consistent pay
- You must provide a 12-month statement for business people
- Filled application form
- An undertaking letter from your employer
2. LEAP
LEAP or Lending For Education In Africa Partnership is a student financing program that provides learners with affordable loans to pursue higher education learning.
LEAP is presently providing financial support to learners in institutions such as Jomo Kenyatta University of Agriculture and Technology, The University of Nairobi, USIU, Strathmore University, Kenya Medical Training College(KMTC), Moringa School, and Kenyatta University.
3. Uniport
Located in Westlands, Nairobi, Uniport is an organization that provides students with loans to help them accomplish their dreams. Uniport Ltd offers student loans between Kshs 120,000 to Kshs 150,000.
But why is Uniport Ltd a good student loan provider? This organization offers affordable loans to learners. It also has a flexible repayment plan which is quarterly.
You should also note that Uniport loans have a fixed interest rate charge before applying for one. So, whether you want to pursue a diploma, degree, or master’s program you can apply for a student loan with Uniport.
4. Soma Education Loan By Aspira
Aspira is a popular student loan provider in the country. If it’s your first time hearing about Aspira, it’s the organization behind the Soma Education Loan.
The Soma Education loan is favorable due to its fast approval of 24 hours, zero application fees, and flexible repayment conditions.
5. Masomo Loan By KCB
KCB provides Masomo Loan to fund education for students at different academic levels. To secure a Masomo loan, KCB demands that you should have an active bank account with them for at least 3 months.
So, why do students prefer taking a Masomo loan?
KCB offers a flexible payment plan of 24 months. In addition, it provides attractive loan limits that can see you through any level of education. Typically, with KCB you can secure a loan limit of between Kshs 100,000 and Kshs 4 million.
Frequently Asked Questions
1. What are the government student loans for higher education?
The government student loans for higher education include:
- HELB Loan
- AFYA Elimu Loans
- TVET Loans
- Jielimishe Loan
- Undergraduate Loan
- Student Portal
2. How much does HELB give per semester in Kenya?
HELB gives a maximum loan amount of Kshs 50,000 annually to government-sponsored students. The Higher Education Loan Board can extend a Kshs 8,000 bursary from the 50k.
If you choose to borrow the Jielimishe loan, you can receive up to Kshs 600,000. However, you have to note that this is for working students only and you should comply with the repayment time limit which is usually up to 24 months and 72 months if you’re a public servant.
Also Read:
- How to Pay Off Debt Quickly in 2024 (7 Quick Steps!)
- 7 Smart Strategies To Pay Off Debt With Low Income
Pursue Your Dream Profession!
Your dream career is not too far even when facing financial challenges because student loans exist to get you there. All you need to do is explore the different options offered in the country and choose one that fits your needs perfectly.
And if you need more personal financial guidance, visit our store for debt clearance, budgeting, and financial planning guides.
