Parliament invites views on HELB Bill-Submit Your View
Kenyans have been invited to give their views on a Bill that seeks to bar Higher Education Loans Board from charging interest on loans until beneficiaries secure first employment.
In an advert in the local dailies, the National Assembly said the public has until August 22, to give their views.
The Memoranda may be forwarded to the Clerk of the National Assembly P.O Box 41842-00100, Nairobi, hand-delivered to the Office of the Clerk or emailed to [email protected].
According to the Helb (Amendment) Bill, beneficiaries of funding from Helb will not pay interest for money advanced to them until they secure their first employment.
However, in the Bill sponsored by Machakos MP Joyce Kamene, beneficiaries will have to be youth or Persons with Disabilities.
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The Bill further sets the percentage of interest that may be charged on the loan advanced at three per cent and provides that the penalty charged on defaulting on the loan shall be charged after securing employment five years after completion of studies.
“These proposals aim to reduce the financial burden on recent graduates who are expected to pay large sums of money to the Higher Education Loans Board even before securing employment or becoming financially stable,” reads the advertisement.
The Helb interest rate is typically four per cent per year.
However, it varies depending on a variety of things, including one’s educational degree.
For undergraduate (direct entry), certificate, and diploma students, the rate is four per cent per year.
For continuing students seeking master’s and doctoral degrees, however, it is 12 per cent per year.
