The applications closed on September 7, 2023, and students have been waiting for the funds to be released ever since.
Funds will be divided into bursaries and loans based on the needs of individual students and the educational programme they are pursuing.
The processing of applications for student loans and bursaries is now complete and first year university students and those in technical and vocational education and training (TVET) institutions will receive the money next week, Education CS Ezekiel Machogu has announced.
The announcement comes in the wake of discontent among students who have been without financial support from the government for two months. On Thursday, students from Machakos University took to the streets to demonstrate against the delay in releasing the funds.