The Higher Education Loans Board (HELB) last month announced that all loanees will receive a 100% waiver on the outstanding penalties on their loan accounts.
The #KamilishaMalipoYaHelb campaign which began on 1st March 2022 will run until 30th April 2022.
According to the CEO, Charles Ringera, the decision was made to express gratitude to loanees for their determination to pay their loans despite the effects of Covid-19.
He also added that the decision also intends to urge borrowers who have not yet begun repaying their loans to do so in full.
Many people pursuing higher education have seen their dreams come true owing to the Higher Education Loans Board (HELB). The board typically gives financial help in the form of loans. When the beneficiaries graduate, they must repay the loan with interest. If you do not repay, you may face penalties. However, the board occasionally grants a penalty waiver, allowing the loans to be repaid. So, what exactly is the HELB penalty waiver and how does it operate?
The HELB penalty waiver is a relief measure designed to make loan defaulters' lives easier. This strategy encourages them to repay their loans, allowing the board to support other students in achieving their goals.
For instance, according to Ringera, HELB gave a 100% penalty waiver in 2013, resulting in 10,110 recipients repaying loans totaling Ksh1.3 billion. In 2018, a similar waiver resulted in 9,998 beneficiaries repaying debts totaling Ksh870 million.
The HELB interest rate is typically 4% per year. However, it varies depending on a variety of things, including one's educational degree. For undergraduate (direct entry), certificate, and diploma students, the rate is 4% per year. For continuing students seeking master's and doctoral degrees, however, it is 12% per year.
If you want to repay your HELB loan, you can contact the board or visit HELB offices to discuss payment arrangements.
You can also check your current waiver and interest rate on the HELB portal. Here is a step-by-step guide to getting started:
Using M-PESA (Safaricom) Money Transfer:
Note: The transaction reflects in your statement immediately after the transaction.
Using M-PESA (Safaricom) Money Transfer for Employers
For bank deposits, all payments must be sent to the Higher Education Loans Board, and must be made by crossed check, bankers draft, direct transfer/standing order/EFT, or cash deposit to the HELB collection A/C in any of the following banks: