The Higher Education Loans Board (Helb) has managed to recover Sh780.1 million from loan defaulters following a two month penalty waiver that was issued by the government.
Education Cabinet Secretary Amina Mohamed said the money was recovered from 9,920 loanees who cleared their loans between May 3 and July 31.
Ms Mohamed said the recovery had helped reduced the loans from Sh 8.1 billion to Sh 6.6 billion. The current defaulters are 61,700 down from 78,000 defaulters.
The CS made the remarks during a press conference at Helb headquarters at Anniversary Towers in Nairobi on enhanced TVET funding for the financial year 2018/2019.
She said since establishment of Helb, a total of Sh84 billion has been disbursed to 671,448 loanees out of which 396,329 loan accounts worth Sh47 billion have matured for repayment, while 275,119 loanees holding Sh37.1 billion have not matured as these loans are held by students in colleges and universities.
A total of 190,554 loanees valued at Sh18.2 billion have completed their loan repayment. She said that, currently, 144,075 loan accounts of Sh22.1 billion are repaying their loans. “I call upon all the loanees holding accounts in default to pay up so that the government can fund more Kenyans,” said the CS.