HELB Defaulters get 100% Waiver on Penalties as HELB is set to get a Name Change
The Education ministry through the CS Amina Mohamed has given the Higher Education Loans Board (HELB) defaulters 100 per cent waiver on penalties until June 30, 2018.
The CS announced the waiver on Thursday when she attended the Helb-Employers Forum.
Initially, HELB loan defaulters had been granted 80 per cent waiver and the latest move is aimed at boosting repayments. The new amnesty only covers those who will pay their debts in lump sum.
HELB CEO Charles Ringera said 17,000 defaulters cannot be traced.
Last year, Helb had 85,000 loan defaulters owing Sh9.6 B. A total of 169,909 graduates had fully repaid their loans worth Sh13.2 B by September 2017, while some 136,783 beneficiaries were servicing loans worth Sh20.7 billion.
Ms Mohamed also announced that HELB is set to be renamed to Tertiary Education Funding Corporation in bid to boost service delivery.