Students seeking funding must score 80% in the HELB test to receive loan
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HELB CEO Charles Ringera says that students seeking funding from the institution will sit for a test before submitting their application.
HELB CEO Charles Ringera says that students seeking funding from the institution will sit for a test before submitting their application.
Speaking on Monday, August 7, the Higher Education Loans Board CEO explained that the test aims to enlighten students on the terms and conditions of the funding.
The test will also be used by HELB to classify students into different groups and determine how much money will be given out in scholarships and loans.
In order to submit their application, students must receive a test score of at least 80%.
“The test aims to create an awareness that this is a loan and scholarship and details the payments you will have to make depending on the classification that you are in,” Ringera, a banker by profession, stated.
Further, he maintained that continuing students will also have to sit the test despite being funded under the old model.
Ringera emphasized scenarios in which applicants questioned the justification for HELB’s provision of a one-year grace period for loan repayment, noting instances in which students had trouble understanding loan terms.
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The one-year grace period, according to the CEO of HELB, was designed to help students transition and establish themselves after graduation.
“These are the conditions of the loan. If you don’t pay for the loans, your siblings behind you will not access the loans. 33 percent of our budget comes from loan repayments,” Ringera, a former Central Bank of Kenya regulator, explained.
“If we relax the model more Kenyans will lack the funding like last year because we ran out of budget,” he added.
Therefore, he encouraged Kenyans to fulfill their obligations, highlighting that applicants had the option to repay their loans in installments, starting from Ksh500 gradually.
Ringera further urged Kenyans to embrace the informal sector that also offers employment opportunities for individuals post-graduation.
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