Thousands of Higher Education Loans Board (HELB) defaulters now have a chance to reduce their financial burden, thanks to an 80% penalty waiver for those who settle their outstanding loans in full.
In a notice issued on Monday, HELB encouraged beneficiaries with overdue payments to take advantage of the offer by reaching out through its official communication channels.
“Settle your HELB loan in a lump sum and enjoy an 80% waiver on accrued penalties. Simple, rewarding, and just a call, DM, or email away!” the board announced.
However, the notice did not specify a deadline for the offer, leaving borrowers with a limited window to act.
HELB has periodically introduced penalty waivers to encourage former students to clear their outstanding debts. In March 2022, the board offered a 100% penalty waiver to cushion borrowers from the economic hardships brought on by the Covid-19 pandemic. The waiver, initially planned for one month, was extended for an additional two months, ending in June 2022.
At the time, HELB CEO Charles Ringera explained that the initiative was designed to support defaulters who were committed to repaying their loans despite economic challenges.
A similar 100% penalty waiver was introduced in 2018 to boost repayments and improve loan recovery.
These waivers are part of HELB’s broader efforts to enhance compliance among thousands of former beneficiaries struggling with loan repayment.
