Kenya: Higher Education Loans Board Extends Penalty Waiver to June

Nairobi — The Higher Education Loans Board (HELB) has announced an extension of the Covid-19 100 penalty waiver to June 30, 2022.

The waiver had been effected from March 1, 2022 and was to lapse on April 30, 2022.

The institution Chief Executive Officer Aaron Ringera attributed the extension to Kenya’s economy that had slowed down due to the Covid-19 pandemic.

“Due to Covid-19 pandemic, Kenya just like many other countries globally has experienced a slowing down of the economy over the last two years. We acknowledge that unemployment that unemployment and underemployment has affected Helb repayment, “said Ringera.

He pointed out that the loans board institutions has faced a fair share of challenges which include inadequate funding from the National Treasury.

Ringera added that the tough economic environment has pushed the institution to extend the deadline.

“The prevailing tough economic environment, the initial end of the penalty waiver 30th April 2022 also coincides with the back to school season, Helb therefore numerous requests to extend the waiver, “Ringera stated.

When it introduced the waiver dubbed #KamilishaMalipoyaHelb, Ringera noted that the move was aimed at encouraging loanees to repay their loans to allow the facility to benefit other students.

The loans board has previously offered a 100% waiver in 2013 where 10,110 beneficiaries paid off Sh1.3 billion.

In 2018, the exercise yielded Sh870 million shillings in loan repayments from 9,998 beneficiaries.