The Higher Education Loans Board (HELB) has waived all penalties to individuals who will pay their outstanding loan in lump sum. The one-month amnesty will run from 6th May to June 6th 2013. The Board has also announced that defaulting individuals will be charged a penalty of Sh5,000 per month.
“The Board would like to state that in accordance with the HELB Act 1995, Section 15 (1) and (2) a penalty of Kshs. 5,000 have been levied for each month or part of the month that has remained unpaid since maturity of the loan. Accounts that are currently not active regardless of previous partial payments also attract the penalty,” states HELB.