• Board had vowed to publicly shame defaulters, a move which was faced with criticism from the thousands of unemployed youth.
• MP proposed rates be reduced from 4% to 2%.
Students in colleges and universities benefit from the Higher Education Loans Board which gives yearly loans to help with their education and upkeep.
Helb officers face a crisis after completion of many beneficiaries who are reluctant to pay their loans, forcing the officers to try different measures to reach them.
Recently, the board had vowed to publicly shame defaulters, a move which was faced with criticism from the thousands of unemployed youth.
The proposal by one MP that the interest rate is reduced from four per cent to two per cent can be of help in reducing the burden on the youths and helping the board collect something monthly to be able to disburse more loans to other needy students.
Many students who left school after completion are unemployed, therefore, in a financial crisis. It's the high time Helb formulated new policies to create jobs which will help reduce the number of defaulters.