Edu board (HESLB) to recover $3.6mn from ex university students annually
The Higher Education Loans and Scholarships Board - HELSB is targeting to recover K3million monthly (about USD3.6- million annually) from the deductions of loan and scholarships obtained by ex-University of Zambia (UNZA) and the Copperbelt University (CBU) students.
This was contained in a public notice made available to the Zambian Business Times - ZBT by higher Education Loans and Scholarships Board (HELSB) Director Ireen Chirwa.
The Higher Education Loans and Scholarships Board - HELSB is targeting to recover K3million monthly (about USD3.6- million annually) from the deductions of loan and scholarships obtained by ex-University of Zambia (UNZA) and the Copperbelt University (CBU) students.
This was contained in a public notice made available to the Zambian Business Times - ZBT by higher Education Loans and Scholarships Board (HELSB) Director Ireen Chirwa.
Chirwa has confirmed that the HELSB would start recovering money from beneficiaries of the bursary scheme from September 2018.
The first wave of deductions by the Higher Education Loans and Scholarships Board (HELSB) from former University of Zambia and Copperbelt University students has already taken effect starting September.
“This notice serves to inform all beneficiaries of the Student Loan Scheme which commenced from 2004 with students that have pursued studies at the University of Zambia and the Copperbelt University that HELSB will start loan recoveries effective September 2018,” Chirwa said.
Chirwa says repaying of loans will help upcoming students benefit from the scheme as well. Following that announcement government has deducted amounts ranging from K700 to K1, 500 depending on the salary scale.
“All loans will be recovered within a period of four (4) to Ten (10) years with interest calculated at 15% on reducing balances. Should you wish to repay your loans in a shorter period, please contact HELSB to arrange for your preferred repayment plan,” she said
The HELSB director also advised that by paying your student loan today, one will be supporting upcoming students in their quest to achieve their dreams.”
The statement was not clear on what measures have been put in place to make similar recoveries for those working in the private sector and how full coverage would be achieved.
Before 2004, both CBU and UNZA had offered scholarships to students who could not afford to pay the fees on a non-binding basis with no agreements signed for future recoveries of the loaned or scholarship funds extended.