The Higher Education Loans Board (HELB) has partnered with Meru County to support the financing of higher education in the county. The partnership forms part a chain of agreements that Helb is negotiating with all the 47 counties.

It seeks to support the establishment of a self-sustaining revolving fund in every county that will support students pursuing higher education from their respective counties. A Memorandum of Understanding to this effect was signed by Peter Munya Governor of Meru County and Charles M. Ringera CEO of Helb.

The fund to be administered by Helb is known as the Meru County Education Fund. The MoU recognises that Helb has the necessary tested infrastructure and experience to administer students’ loans, bursaries and scholarship schemes.

Under the partnership, Meru County will provide seed capital of a specified amount to support the financing of students pursuing higher education to be fully funded by the County funds. Charles M Ringera CEO of HELB, said they will therefore administer the funds on behalf of the County that will include loan application, award, administration and recovery, to create a sustainable revolving Meru County Education Fund.

"Helb will in consultation with the County Education Oversight Committee set up the criteria and conditions governing the granting and disbursement of loans to Meru County students, we will receive and consider loan applications from eligible applicants from the County, and rank the applications on need basis, the ranking list will be considered and approved by the County Education Oversight Committee after which HELB will award the loans to successful applicants," he said.

At the end of students’ study period plus one year grace period, HELB will recover loans from the loanees through its elaborate and well tested recovery system. The repaid amount, Ringera said, will be revolved back into the Meru County Education Fund kitty to benefit future generations.

This way the fund will become sustainable and more students from the county will be able to benefit from the Fund in future. Helb is also obligated to maintain proper accounting records for all monies received from Meru County and to provide quarterly reports to the county.