The Higher Education Loans Board (HELB) has introduced a new strategy to recover billions in outstanding student loans with a new offer targeting defaulters through steep penalty waivers.
According to an announcement made on Wednesday, July 16, HELB revealed that beneficiaries would enjoy an 80 per cent waiver if they paid their outstanding balances in lump sum payments.
HELB invited those willing to clear their loans quickly to contact the board directly for a more personalised offer.
HELB announces waiver on loan repayments. Photo: Courtesy.
The duration of the offer was however not disclosed suggesting students had time to take advantage of the waiver.
The fresh initiative is part of a broader recovery campaign by HELB, following reports that the board traced and re-engaged over 17,000 defaulters.
In March, HELB issued a seven-day ultimatum to defaulters, warning that continued defaulting would eventually lead to action against their guarantors.
CEO Charles Ringera revealed that the board was adopting a more data-driven approach, leveraging government-backed tracing tools and partnerships with financial institutions to locate and recover funds from borrowers, both in Kenya and abroad.
