In the most recent campaign to encourage repayment, the Higher Education Loans Board (HELB) issued a penalty waiver for all beneficiaries.
Through an official statement released on Tuesday, March 1, HELB Chief Executive Officer Charles Ringera stated that it has resolved to give 100 per cent penalty waiver to all loanees.
Between Tuesday, March 1 and April 30, 2022, the waiver period will be in effect. This new campaign, according to Ringera, is an expression of gratitude to the beneficiaries for their efforts in repaying their loans despite the tough economic times brought on by the pandemic’s ravages.
The move is also aimed at encouraging loanees to make lump sum repayments during the waiver period.
The HELB CEO emphasized the need for beneficiaries to repay their loans to allow other needy students to also benefit from the funds.
“It is important for all beneficiaries to honour their obligation as stipulated in the loan application terms and conditions so as to empower the dreams of another needy student,” Ringera reiterated.
In 2013, HELB also announced a penalty waiver a move that saw over 10,000 beneficiaries pay their loans hitting the ksh1.3 billion mark.
A similar campaign was also launched in 2018, where 9998 loanees paid Ksh870 million.
Even as the economy slowly recovers after nearly two years in a coma, HELB is trying to capitalize on the latest campaign to urge more beneficiaries to repay their loans.
In 2020, HELB launched a joint operation with law enforcement to crack down on loan defaulters. The approach was meant to enhance compliance, integrity and loan access to other students.
“We are also going to partner with law our enforcement agencies to track down those holding jobs and yet are reluctant to stand up to be counted as responsible and patriotic citizens who honour their debts,” the statement stated in part.
Due to inadequate funding from the government, loan defaulters are fined Ksh5,000 per month, with the Board encouraging more beneficiaries to repay.
