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