The Higher Education Loans Board (HELB) has announced 100 per cent penalty waiver on loans taken during the Covid 19 period.
The waiver will apply to Kenyans who are still paying their loans or haven’t started paying.
According to HELB CEO Charles Ringera, the pandemic affected the economy leading to unemployment, inadequate funding from the government, which resulted into a funding challenge for students.
“HELB appreciates the fact that owing to the prevailing economic situation, the loan beneficiaries’ repayment ability may take some time to stabilize,” said Ringera.
Benefit other students
Ringera further noted the waiver is aimed at encouraging loanees to repay their loans to allow the facility to benefit other students.
The waiver dubbed ‘Kamilisha Malipo Ya HELB’ will run from March until 1 to April 30, 2022.
HELB has previously offered waivers in 2013 and 2018 in which the entity received Sh1.3 billion and Sh870 million respectively.
HELB has consistently suffered inadequate funding in the last two financial years creating delays in the disbursement of funds for the students.
Government sponsored students receive up to Sh70,000 capitations.
