HELB issues warning as 290,000 beneficiaries default on Ksh29 billion loans

The Higher Education Loans Board (HELB) has raised concern over the growing number of beneficiaries who have failed to repay student loans amounting to Ksh29 billion.

Speaking on Thursday, August 20, HELB CEO Geoffrey Monari said about 290,000 beneficiaries were yet to repay their loans, warning that failure to recover the funds could undermine the board’s ability to support students currently seeking financial assistance.

He said the Ksh29 billion owed by former beneficiaries could have been used to support about 48,000 students to complete their higher education.

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Monari stressed that students who have completed their studies are required to begin repaying their loans, noting that the funds are essential in supporting other students pursuing higher education.

“We urge students who have not commenced repaying their loans to start repaying their loans. It is important because the money that we are getting from these students is what we will be able to use to support the current students who are in the university,” he said.

Monari explained that HELB operates a revolving fund, meaning repayments from former beneficiaries are used to finance students who currently require financial assistance.

“This is a revolving fund, and therefore past beneficiaries should be able to repay their loans so that we can be able to pay for the current students,” he added.

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