Edu board (HESLB) to re­cover $3.6mn from ex univer­sity stu­dents an­nu­ally

Zambian Business Times - - FRONT PAGE -

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.

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