Thousands of first year university students are yet to get loans, more than a month after they reported to their institutions.

Higher Education Loans Board (Helb) on Tuesday indicated that it has only managed to release loans to half of the students and it was still processing loans for the others.

"We have disbursed loans to 32,606 first time undergraduate students amounting to Sh1.45 billion out of the budgeted 64,400 students to be funded," said Charles Ringera, the chief executive officer, in a statement.

Several students have protested the delay, saying they are being inconvenienced as some have had to seek additional funds from their parents for upkeep.

"The process is ongoing as students are still submitting the application forms," said Mr Ringera.

He further disclosed that Helb has already awarded 165,256 continuing students loans amounting to Sh7.07 billion.

"Payments are on-going as per the various university calendars," said Mr Ringera.

Early last month, Helb indicated that all students would have the money in their accounts by mid-September.