The Higher Education Loans Board (HELB) has announced a 100 per cent Covid-19 penalty waiver for loanees.

HELB CEO Charles Ringera announced the waiver on Tuesday via a press release.

The board said the prevailing economic situation has made it difficult for loan beneficiaries to stabilise and repay the loan.

“HELB appreciates the fact that owing to the prevailing economic situation, the loan beneficiaries’ repayment ability may take some time to stabilize,” the announcement read.

The current economic situation in the country has led HELB to launch a waiver campaign dubbed ‘Kamilisha Malipo Ya HELB’ which will run from March 1, 2022 to April 30, 2022 to appreciate the efforts of loanees who have been repaying the loan regardless of the pandemic.

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“HELB therefore wishes to announce a 100% Covid-19 Penalty Waiver dubbed #KamilishaMalipoYaHELB from 1# March 2022 to 30% April 2022 to loanees as an appreciation of their commitment to repay their loans, even with the effects of the COVID-19 pandemic,” HELB said.

The board also encouraged loanees who have not yet started repaying to do so in lumpsums.

According to HELB, the Covid-19 pandemic and inadequate funding from the Exchequer has created a funding challenge for students seeking loans.

Because of that, HELB CEO Charles Ringera has emphasised the importance of all beneficiaries to honour their payment obligations.

“It is important for all beneficiaries to honour their obligation as stipulated in the loan application terms & conditions so as to empower the dreams of another needy student,” Ringera said.

This is not the first time HELB is offering the penalty waiver. Similar waivers were offered in 2013 and 2018.