The higher education loans Board, HELB, on Friday, July 5th confirmed that it has recovered more than 620 million shillings following the amnesty period it gave to all loan defaulters. That period is scheduled end on July 6th.
HELB, through its CEO Mr. Charles Ringera, says it is very happy with the results of the two-month long amnesty. "by the end of tomorrow, Saturday 6th, we shall have raised a total of between Sh650-Sh700 million" the CEO said.
Initially, HELB had set the amnesty to run for only one month but extended it later after getting overwhelming response.
However, the amount recovered is only 7% of the total Sh8.3 billion loan defaulters owes HELB. The cash raised will be injected back into the fund to support more students.
HELB supports needy students in universities by giving them bursaries and loans on low interest. During this year's budget, the fund got Sh4.9 billion from the government treasury. but it has asked for more allocation stating that that amount is not enough.
According to the fund, it requires close to Sh14 billion to successfully meet its targets.
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