Written by Lisa Murimi
In a significant relief for loan defaulters, the Higher Education Loans Board (HELB) has announced an 80 per cent waiver on accrued penalties for beneficiaries who clear their debts in full.
In a notice issued on Monday, HELB urged defaulters to take advantage of the offer by reaching out through its various communication channels.
“Settle your HELB loan in a lump sum and enjoy an 80 per cent waiver on accrued penalties. Simple, rewarding, and just a call, DM, or email away!” the statement read.
While the waiver provides an opportunity to reduce financial burdens, HELB did not specify the deadline for the offer.
This is not the first time HELB has introduced such incentives. In March 2022, the board offered a 100 percent penalty waiver to cushion borrowers from economic hardships caused by the Covid-19 pandemic.
Initially set for one month, the waiver was extended until June 2022.
Similar initiatives, including a 100 per cent waiver in 2018, aimed to boost lump sum repayments and improve compliance among former students struggling to meet their financial obligations.
HELB continues to encourage loan repayment to sustain its funding model for current and future students.
