The Higher Education and Loans Board (HELB) has announced an 80 per cent waiver for loan defaulters.
In a notice dated Tuesday, June 17, the board stated that the waiver would apply to all outstanding penalties for the defaulted loans.
However, for one to benefit from the waiver, they have to pay the loans between June and July.
Therefore, Kenyans who have outstanding loans were encouraged to make the payments within the stipulated time to benefit from the initiative.
HELB added that the repayments would be key in financing students who are joining or yet to join the universities.
Read More
"Behind every HELB loan repayment is a student waiting to rise! That HELB loan opened the door to your education. Now, your repayment can light the path for another dreamer," read the notice in part.
"Support a future. Repay with purpose. Repay today. Make your impact count."
On his part, while appearing on a media interview, HELB CEO Geoffrey Monari revealed that past beneficiaries were yet to pay Ksh40 billion.
For instance, he stated that 51,594 beneficiaries who graduated over 20 years ago owe the board Ksh8 billion.
Some of the beneficiaries who are not actively repaying their loans are accountants, lawyers, and doctors.
"We have given loans to over 23,000 lawyers, and only 2,644 have paid their loans, and the rest are not servicing their loans. Out of 24,883 graduated engineers, only 1,594 have completed their loans, and only 894 are paying," he stated.
Monari revealed that teachers were among the best loan repayers.
