It is a good moment for HELB defaulters after 100% waiver on penalisations was extended for a month.
This was after the students’ loans agency was able to raise Ksh 500 million by the end of June 2018.
Education Cabinet Secretary Amina Mohamed extended this exemption after it was observed that many of the past beneficiaries had complaints with the repayment plans.
“Based on enthusiasm that most loanees have shown it’s imperative that we extend the repayment period so that we give them an opportunity to repay,” said Ms Mohamed.
HELB Chief Executive Officer Charles Ringera said that the agency had received more than half a billion shillings from 9,112 students who were past beneficiaries between 3rd of May and 30th of June which was the amnesty period for loan defaulters.
Mr Ringera said that an extension of the period will enable others to take part in higher education loans repayments.
The diaspora loanees will have an amnesty period of three months to aid in more recovery of funds.
The university loan scheme has supported over 645,000 Kenyans to pursue higher education since it’s inception in the year 1974.
The total estimated cost spent is Ksh 72 billion.
Loan accounts close to 400,000 worth Ksh 47.5 billion have matured for repayment since 1974.
264,000 loanees accounts holding Ksh 24.5 billion are yet to get matured.