Perceptions of Students on the Effectiveness of Higher Education Student Loans in Malawi

This phenomenological study examined the perceptions of students from selected public and private universities in Malawi regarding the effectiveness of the student loan scheme administered by the Higher Education Students Loans and Grants Board (HESLGB). This study followed a qualitative methodology and specifically used semi-structured interviews and document analysis to generate data. Semi-structured interviews involving 16 students from four universities in Malawi revealed that prior to receiving loans, many students faced significant financial challenges that adversely affected their academic performance and well-being. However, upon receiving a loan, students reported improvements in their academic outcomes and financial situation. Furthermore, this study unveils challenges in accessing loans, including technical issues during the application process and delays in loan disbursement. Furthermore, this study has unveiled challenges in accessing loans which include technical issues during the application process and delays in disbursement of the loan. The findings suggest that while the student loan scheme has positively impacted many students, there is a critical need for improved awareness and enhanced support systems to ensure equitable access to higher-education financing. Therefore, HESLGB should strive to address the concerns of students to ensure the effectiveness of the student loan scheme in Malawi