This is a Board put in place by a Parliamentary Act no: 2 of 2015 to finance access to higher education of needy and deserving students in Malawi. Its mandate as per the Act, is two- fold, that is, firstly, to disburse loans yearly to needy and deserving students pursuing higher education in government registered higher learning institutions (By National Council for Higher Education- NCHE) both public and private and are pursuing accredited programs and courses. Secondly, the Loans Board is to recover the former loans from former beneficiaries of the higher education loans scheme dating way back from 1985/86 academic calendar. This is with an intention of making the Higher Education Students Loans and Grants Board financially viable to become a revolving fund that will sustain itself in the long run and support more needy and deserving students.

Secondly, the Loans Board is to recover the former loans from former beneficiaries of the higher education loans scheme dating way back from 1985/86 academic calendar. This is with an intention of making the Higher Education Students Loans and Grants Board financially viable to become a revolving fund that will sustain itself in the long run and support more needy and deserving students.