The Higher Education Loans Board (HELB) has extended the interest waiver on student loan repayment until June 30, 2022.
In a statement on Wednesday, the higher education loans body said the move is informed by hard economic times brought about by the Covid-19 pandemic.
The waiver, dubbed "Kamilisha Malipo Ya HELB", was initially scheduled to run from March 1, 2022, to April 30 the same year.
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“Due to the Covid-19 pandemic, Kenya just like many other countries globally has experienced a slowing down of the economy over the last two years.
"We acknowledge that unemployment and underemployment as well as a challenging environment for loanees to start and run businesses, has affected HELB loan repayment.
"This, coupled with inadequate funding from the Exchequer, has inadvertently created a funding challenge for students seeking HELB Loans," HELB CEO Charles Ringera said in a statement.
Ringera said HELB extended the waiver after receiving numerous requests.
“We wish to sincerely thank the loanees who have since responded to our Covid-19 Penalty Waiver Campaign and have repaid their loans in full," he stated.
The HELB boss said that up to 75, 000 students are depended on the loan to further their studies at the tertiary level.
"We also take this opportunity to remind all beneficiaries to honour their repayment obligations as stipulated in the loan application terms & conditions to enable us to empower the dreams of the 75,000 students who are at risk of not being funded this year,” he added.