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Monday, 27 August 2018 06:24

Loans Board recovers K500 million from former students loan beneficiaries

Written by  Memory Kutengule
Chisoni says there has been a good response from former students - File Photo Chisoni says there has been a good response from former students - File Photo

Blantyre, August 21, 2018: The Higher Education Student Loans and Grants Board (HESLGB) says it has recovered K500 million from former students’ loan beneficiaries since the inception of loans recoveries campaign in April 2016.

The Board Executive Director, Chris Chisoni, disclosed this in an interview with the Malawi News Agency (Mana), Monday last week, saying that since the start of the campaign, the board has been receiving positive response from various employers and former students’ loan beneficiaries themselves.

He said this is evidenced by 87 per cent of the monthly recoveries being realized through employers and l3 per cent of the recoveries coming from individual former beneficiaries.

“Recovering of old students’ loans depends first on tracing former students’ loans beneficiaries. To know where they are and where they are working is not an easy task. Public and private sectors have been helpful in this role and are being highly commended by the Loans Board.

“As such, the board has so far, as at July end 2018, recovered almost K500 million. This is a total figure recovered since April 2016 when loans recoveries commenced. However, the journey to recover more is ongoing,” explained Chisoni.

Chisoni, therefore, said the Loans Board will continue to raise awareness on the need for repaying students’ loan and also for the employers to assist the Loans Board to trace and facilitate students’ loans repayment from their graduate employees.

He added: “We are also encouraging more efforts from the employers and individual loan beneficiaries to come up and support the cause that will offer financial support to needy and deserving students currently in colleges and universities in Malawi.

“It’s a national responsibility that should not be abandoned.”

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