Photo: H.E President Uhuru Kenyatta
President Uhuru Kenyatta has rejected a bill that was aimed at reducing the interest rates incurred on helb loans from 4 percent to e percent.
The bill had been proposed by nominated Member of Parliament Gideon Keter which also aimed at increasing the grace period for repayment to 5 years.
The bill if passed would have prevented the fines on jobless graduates until they got employment.
Many graduates around the country face a hard time repaying this loan.
Currently the Higher Education Loans Board (HELB) demands that graduates start paying their loans within one year after completing their university education.
Failure to pay within the first year, the loan incurs penalities of 5,000 kenyan shillings monthly. In addition, graduates who default the loan are at a risk of being list with Credit Reference Board (CRB). At one time the government threatened to publicly list the defaulters in a bid to recover losses incurred from missed repayments.
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