The Higher Education Loans Board (HELB) has extended its 100% penalty waiver for another two months.
HELB Chief Executive Officer Charles Ringera said the waiver’s end coincided with the start of the school year, prompting numerous requests to extend the waiver to give loan beneficiaries more time to take advantage of it.
“We acknowledge that unemployment and underemployment as well as a challenging environment for loanees to start and run businesses, has affected HELB loan repayment,” said Ringera.
The waiver, dubbed ‘KamilishaMalipoYaHELB, was an appreciation to the beneficiaries for their commitment in repaying their loans despite the effects of the COVID-19 pandemic and to encourage those who have not begun the process to do so in lump sum.
The penalty waiver has been witnessed twice in the previous years, 2013 and 2018.
In 2013, the waiver benefitted 10,110 loanees who paid loans valued at Ksh.1.3 billion while that of 2018 saw 9,998 students pay a total of Ksh.870 million.
Last year, HELB in collaboration with law enforcement officials announced action against loan defaulters where every loan defaulter was to be fined Ksh.5000 per month.