Monday, November 2, 2020 – Higher Education Loans Board (HELB) has rejected a proposal by Building Bridges Initiative (BBI) report to give beneficiaries a 4-year grace period before repaying their loans.
According to HELB chairman, Aaron Ringera, the proposal is unsustainable and will adversely impact both the board and beneficiaries.
He warned that the measures will force the board to either reduce the amount awarded to students or the number of beneficiaries.
Ringera was addressing the Conference on State of University Education on Sunday.
Ringera insisted on the need to come up with other measures to cope with the current challenges affecting both the board and students.
“The only remedy would be to either reduce the number of student beneficiaries, or reduce the amount allocated to each student,” Ringera stated.
He argued that if the bill was to take effect, then the grace period extension would adversely affect the operations of the board, which would have a ripple effect on the students as well.
BBI proposes that the grace period given to the beneficiaries of HELB be extended to four years from the date of completing their studies.
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