The Higher Education Loans Board (HELB) has warned Kenyans who have not been paying their loans .The board says search Kenyans risks being listed with the CRB.
Talking at a meeting on Wednesday, May 19, HELB CEO Charles Ringera noticed that the defaulted loans added up to Ksh 9.5 billion. Apart from being recorded at CRB the defaulters will get a penalty of Ksh.5000 per month according to the HELB act the CEO added.The recovery of the HELB loans started in 2019/2020 Financial year and so far more than 200M has been recovered according to the CEO.
Further, during the conference, the board officially took over the Afya Elimu Fund (AEF) in a move aimed at offering scholarships to the needy .AEF is a loan scheme that has supported over 48,188 students with a total of Ksh3.06 billion fund- surpassing the initial target of Ksh2 billion, according to Ringera.
Ringera also noted that covid 19 has affected the loan repayment process as many individuals lost their jobs and economy was not favourable as well.