The Higher Education Loans Board (HELB) has commenced the process of recovering millions of unpaid loans by former beneficiaries.
HELB, in a notice sent to several Kenyans on Tuesday, March 25, gave the defaulters a seven-day window to commence the process of repaying their loans.
In the notice obtained by Kenyans.co.ke, the loans board warned that it would proceed to engage the guarantors of each defaulter should a beneficiary fail to begin the loan repayment.
According to the university education financier, despite frequent reminders to Kenyans through Short Message Service (SMS), several borrowers were yet to repay their loans and were in default.
Kenyans looking to kickstart their repayment process were urged to dial *642# on their phones and follow the prompt messages or visit the HELB portal.
“Greetings! HELB will engage your guarantors within the next 7 days because, despite frequent reminders, your loan is in default,” read part of the text message.
“To repay, dial *642# and follow prompts or self-serve helb.co.ke/online-services/loanees-portal/. Query? Email: contactcentre@helb.co.ke or Call:0711052000,” the statement added.
HELB decided to take the new approach as the last resort after thousands of former beneficiaries declined to respond to the warning notices it previously sent to them.
However, many borrowers have cited lack of employment as the main reason for default, with some urging HELB to extend the grace period to allow them to secure jobs.
The 7-day ultimatum comes just a day after the Loans Board announced an 80 per cent waiver on Kenyans who settle their loans in full.
In the notice dated Monday, March 24, HELB called on Kenyans who are yet to pay their outstanding loans to utilise the opportunity by reaching out through the Board’s official communication channels.
“Settle your HELB Loan in a lump sum and enjoy an 80 per cent waiver on accrued penalties. Simple, rewarding, and just a call, DM, or email away!” read the notice in part.
Despite the offer, the notice did not specify the time-limit of the waiver, leaving Kenyans with a limited window to take advantage of the rare opportunity.
