The Higher Education Loans and Scholarships Board (HELSB) has declared that 18, 309 out of 40, 681 traced beneficiaries of the Higher Education Loans and Scholarships are paying back through payrolls.
About10,692 beneficiaries are paying back through the Government payroll while 7,617 beneficiaries are employed in the private sector and are paying back through individual employers’ payroll systems.
HELSB Chief Executive Officer, John Machayi, said in the last six months, the Board embarked on a rigorous resource mobilization program for loan recoveries, aiming to create a sustainable revolving fund.
He said this in Lusaka today during a media briefing on the updates regarding loan recoveries, student loans, scholarships, and partnerships.
“All students supported by the then Bursaries Committee and subsequently by HELSB in public universities are required to pay back the loans with 10% interest amortized per annum”, said Mr. Machayi.
He has further encouraged all beneficiaries to ensure timely repayment of their loan to help future students access the same opportunities they had.
Meanwhile, Mr. Machayi said the current funding levels are insufficient to award all eligible students who applied for student loans and that the Board will make deliberate attempts to boost funding levels through various approaches to increase liquidity.
He has further encouraged stakeholders and well-wishers to partner with the Board in funding and supporting more students.
By Margaret Mwanza
