HELB Offers 100 Percent Waiver on Penalties

HELB Loan Waiver

The Higher Education Loans Board (HELB) has announced that it is going to give a 100 percent waiver on all penalties as a Covid-19 relief package.

HELB Chief Executive Officer Charles Ringera said on Tuesday 1st March, 2022 that the waiver will run until April 30.

“Due to the Covid-19 pandemic, Kenya just like many other countries globally has experienced a slowing down of the economy over the last two years. The unemployment and underemployment as well as a challenging environment for loanees to start and run businesses, has affected HELB loan repayment,” said Ringera.

“HELB appreciates the fact that owing to the prevailing economic situation, the loan beneficiaries’ repayment ability may take some time to stabilise.

“HELB, therefore, wishes to announce a 100 per cent Covid-19 penalty waiver from March 1, 2022, to April 30, 2022, to loanees as an appreciation of their commitment to repay their loans, even with the effects of the Covid-19 pandemic, as well as to encourage the loanees, who haven’t started repaying, to do so and repay in lumpsum.”

The Higher Education Loans Board has been funding university and college education for many students in Kenya since 1995.

With the new announcement, loanees can now overcome one more financial challenge by repaying their loan in full and enjoying the government’s waiver. However, it will be difficult for most beneficiaries to enjoy this waiver because they will be required to pay their principal amount and interests in full before they trigger the waiver.

To escalate the challenge, the HELB has given loanees only 2 months to pay off their debts and receive the waiver. In a time when employment is difficult to get and the economy us reeling with inflation, it will be difficult for most loanees to enjoy the waiver.

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Fredrick Chepkonga

Mr. Fredrick Chepkonga is an educator and writer in Kenya with great experience in writing and research on education, economics, and finance topics. He has passion in mentoring young people to develop responsible citizens and future leaders.

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