LOANS BOARD IMPRESSED WITH RECOVERIES SO FAR

By Etambuyu Katota

The Higher Education Loans and Scholarships Board -HELSB- has recovered 20.4 million Kwacha from January 1st to March 31st, 2021.

HELSB Chief Executive Officer IRENE CHIRWA says the recovery brings the cumulative number to one hundred and 15 point 6 million Kwacha collected from 2018 to 31st March 2021.

Speaking during a media breakfast in Lusaka today, Ms. CHIRWA said the money recovered in the first quarter of the year is encouraging and it is anticipated that the board will recover more in 2021.

She said HELSB has been able to extend the granting of student loans to five more universities because of the favorable response from the recoveries.

Ms. CHIRWA said the five Universities include Kapasa Makasa, Mukuba, Mulungushi, Chalimbana and Kwame Nkrumah.

She said the board also established that 80 beneficiaries passed on and their loans will be treated as bad loans because they were not insured.

Ms. CHIRWA added that the number of individuals making direct repayments has also increased from one in 2018 to 38 by 31st March 2021.

She said 6,291 are paying back through the government payroll and 4,100 beneficiaries employed in the private sector are paying back through the individual employers’ payroll systems.

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