The Higher Education Loans Board (HELB) has announced a 60-day extension on penalty waiver for its loan defaulters.
HELB defaulters have until March 30 to enjoy the penalty waiver offered by HELB in March, earlier the agency had set April 30, 2022 as the deadline.
HELB announced a 100 percent waiver of fines, citing the economic hardship caused by the Kovid-19 epidemic.
In a statement, HELB CEO Charles Ringera said the 100 percent Covid-19 penalty waiver was a tribute to the beneficiaries for their commitment to repaying their loans, despite the effects of the Covid-19 epidemic known as Kamilshamalipoyahelb.
“It is important for all beneficiaries to respect their obligations laid down in the terms and conditions of the loan application so as to strengthen the dreams of other needy students,” Ringera said in a press release.
Ringera also said the move is aimed at encouraging borrowers who have not started making payments to do so. He said the board understands the challenging environment for unemployment and low employment as well as for borrowers to start and run a business.
“HELB appreciates the fact that due to the current economic situation, it may take some time for the loan beneficiaries to stabilize their repayment capacity,” Ringera said.
HELB has previously offered amnesties in 2013 and 2018.
In two years, the board received a total payment of up to shs 1.3 billion in 2013. And in 2018, about 9,998 beneficiaries repaid their loans worth shs 870 million.
