The Higher Education Loans Board (HELB) has been funding needy students pursuing higher education in Kenyan higher institutions. HELB was established in July 1995 by the ‘Higher Education Loans Board Act’ Cap 213A, an Act of Parliament.....CLICK HERE TO READ THE FULL ARTICLE>>>
When applying for HELB loans, students are required to provide details of their guarantors, who, according to HELB, are liable to pay off the loans should the applicant be unable to clear their loans.
HELB allows even Kenyans who are currently repaying their loans to become guarantors for other applicants. The fund does not limit the number of applicants one can guarantee but leaves the decision to the guarantor.
“This up to the individual’s willingness to take the risk associated with multiple guarantorship. From experience, we find most of them being guarded and unwilling to guarantee students, and this informed us to allow parents to act as guarantors, too,” Ringera told TUKO.co.ke Ringera emphasised that the loan holder will be pursued by HELB to repay the loan regardless of whether a guarantor is unable to repay or dies.
“As per the HELB Credit Policy, where default arises, the burden of the debt is shared equally between the guarantors.” However, the guarantor is discharged from obligation if HELF receives a notification of the death of the loan beneficiary.
“In the unfortunate event of the death of the loan beneficiary, the next of kin is required to submit the documents below to or Anniversary Towers Nairobi or to the select Huduma Centre HELB desks across the Country for processing so that loan liability is offset from the SLSPS”
a. A duly filled HELB claim form accessible on HELB’s website under the student’s amendment form or via bit.ly/44m4oPG
b. A copy of the death certificate of the loan beneficiary
c. A copy of the National ID of the next of kin
Ringera noted that the loan liability is then cleared from HELB books, absolving the family and guarantors of any future liability.
HELB applicants are required to have a valid email address, telephone number, KCPE and KCSE index numbers, and a passport-sized photo, among other things as well as details of parents or guardians and guarantors…CONTINUE READING>>
