The Higher Education Students Loans Board was established under Act No. 9 of 2004 and commenced operations in July, 2005. Among other things, the Board has been entrusted by the Government with the responsibility to disseminate loans to students pursuing Advanced Diplomas and degree studies at accredited higher education institutions in and outside the country. Under the Higher Education Policy of 1999, the Students Loans Board Act was enacted to provide for Students Loan Scheme which would not only extend loans to students who require such assistance but also collect repayment for all loans issued to students since 1994 so as to make the scheme successful and sustainable. According to the Act, eligible and needy Tanzanian students who secure admission in higher education institutions to pursue academic programmes that lead to the attainment of Advanced Diplomas or Degrees, may seek loans from the Higher Education Students Loan Board (HESLB) to meet part of, or all, costs of their education. This stipulation is the legal implementation of para 6.2. of higher Education Policy (1999) which ushered in cost- sharing in the provision of higher education in the country. Cost  sharing in higher education is construed to mean a shift in shouldering at least part of the costs of higher education from the Government, which has invariably been the main financier, to the beneficiaries.