HELB warns of Ksh29 billion student loan default

The Higher Education Loans Board (HELB) has reported that approximately 290,000 beneficiaries have defaulted on student loans, totaling Ksh29 billion. HELB CEO Geoffrey Monari warned that these unpaid debts threaten the board’s ability to provide financial assistance to current students.

Monari noted that HELB operates as a revolving fund, where repayments from former students are used to finance those currently in university. He stated that the outstanding Ksh29 billion could have supported roughly 48,000 students in completing their higher education. The board is urging former beneficiaries to begin their repayment processes to ensure the sustainability of the fund.