HELB Announces 100 Percent Loan Penalty Waiver

By Getrude Mathayo / Published March 1, 2022 | 10:11 am




KEY POINTS

HELB is seeking to capitalize on the latest campaign to encourage more beneficiaries to repay their loans, even as the economy slowly recovers after nearly two years in a coma.


HELB

KEY TAKEAWAYS


The loans board has previously offered a 100 percent waiver in 2013 where 10,110 beneficiaries paid off 1.3 billion shillings. In 2018, the exercise yielded 870 million shillings in loan repayments from 9,998 beneficiaries


Kenyans with Higher Education Loans Board (HELB) have a reason to smile after the institution announced a penalty waiver to all beneficiaries in the latest campaign to encourage repayment.

Through an official statement released on Tuesday, March 1, 2022, HELB Chief Executive Officer Charles Ringera stated that it has resolved to give a 100 percent penalty waiver to all loanees.

HELB Chief Executive Officer Charles Ringera said the 100 percent COVID-19 penalty waiver dubbed ‘Kamilisha Malipo Ya HELB’ will run until 30th April 2022.

Ringera noted that COVID-19 affected the economy leading to unemployment, a challenging business environment, and inadequate funding from the National Treasury resulting in a funding challenge for students.

Helb
Statement from the Higher Education Loans Board (HELB)

The move is also aimed at encouraging loanees to make lump sum repayments during the waiver period.

“HELB appreciates the fact that owing to the prevailing economic situation, the loan beneficiaries’ repayment ability may take some time to stabilize,” Ringera said.

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 honor their obligation as stipulated in the loan application terms and conditions so as to empower the dreams of another needy student,” Ringera reiterated.

The loans board has previously offered a 100 percent waiver in 2013 where 10,110 beneficiaries paid off 1.3 billion shillings. In 2018, the exercise yielded 870 million shillings in loan repayments from 9,998 beneficiaries

HELB is seeking to capitalize on the latest campaign to encourage more beneficiaries to repay their loans, even as the economy slowly recovers after nearly two years in a coma

In 2020, HELB had announced a crackdown on loan defaulters in collaboration with law enforcement authorities. The approach was meant to enhance compliance, integrity, and loan access to other students

“We are also going to partner with law enforcement agencies to track down those holding jobs and yet are reluctant to stand up to be counted as responsible and patriotic citizens who honor their debts,” the statement stated in part.

Read More: 75,000 University Students Miss Out on Loans as HELB Rans Out of Cash






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