There’s need to turn Helb loan into study grant
Applicants at Helb offices in Nairobi. It is traumatising that, after they painstakingly graduate, some Helb beneficiaries have to pay interest and penalties on their loan that exceeds the principal amount for taking a long time to repay.
What you need to know:
- Almost 75 per cent of university and college students can’t afford to fully cover their expenses while on campus, forcing them to resort to seeking a study loan from Helb.
- After completing their studies, graduates find it hard to secure a job befitting their level of education.
- The more time that passes, the more the interest accrues on the Helb loan, which they will have to pay together with the principal amount lent to them.
Every Kenyan has a constitutional right to education. Yet many can’t afford higher education because it’s too expensive compared to primary and secondary school.
Almost 75 per cent of university and college students can’t afford to fully cover their expenses while on campus, forcing them to resort to seeking a study loan from the Higher Education Loans Board (Helb).
Helb loans have helped many people to get higher education, which improved their lives.
Many Helb beneficiaries could not have afforded the high cost of higher education. But now, we have a huge problem of unemployment, even among university graduates.
After completing their studies, graduates find it hard to secure a job befitting their level of education.
The more time that passes, the more the interest accrues on the Helb loan, which they will have to pay together with the principal amount lent to them.
This becomes a huge burden on them, often leading to a build-up of stress, and eventually depression and suicide.
Very traumatising
To reach the tertiary level, students struggle through primary and secondary school.
It is very traumatising that, after they painstakingly graduate, some Helb beneficiaries have to pay interest and penalties on their loan that exceeds the principal amount for taking a long time to repay.
The government should be considerate to the young people because there are no jobs from where to earn money to repay their study loans.
While in high school, some motivational speakers told us that Helb is free money from the government, only for it to turn out to be a loan! Many worked hard in high school to get it, in vain.
The government should build a strong foundation and proper financial base for the youth because they are the leaders of tomorrow.
If Helb must be a loan, then allow beneficiaries to pay a lump sum without interest. Make it a grant so that every working graduate can repay it.
Mr Nyakoe is a journalism and communication student Moi University. @Jacksonnyakoe
