MPs Scrap Monthly Penalties For Unemployed HELB Beneficiaries

MPs Scrap Monthly Penalties For Unemployed HELB Beneficiaries

MPs Scrap Monthly Penalties For Unemployed HELB Beneficiaries

helb loan remitance form for unemployed beneficiaries - Unemployed beneficiaries of the Higher Education Loans Board (Helb) funds can breath a sigh of relief as they would no longer be penalised for not servicing their loans.

Parliament passed the Higher Education Loans (Amendment) Bill on Wednesday, August 19, 2015 that would shield jobless graduates from interests and penalties if approved by President Uhuru Kenyatta.

However, the Bill sponsored by Kiharu MP Irungu Kangata requires the unemployed beneficiaries to sign affidavits annually; those who lie about their employment status would be charged with perjury.

The board has been charging defaulters, including those who issue notification that they are unemployed, an automatic KSh 5,000 cumulative monthly fine.

It waived 80% of the penalties to those who wished to settle their loans at once.

Helb will also have to notify each applicant in writing whether their loan applications have been accepted or rejected.

Students will also get two representatives in the board, one from public university and the other from private institution, elected by student leaders for two-year terms.

Those below the age of 18 can also apply for Helb loans through their parents or guardians and loan transferred to their names upon attaining the age.


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