HELB Provides Code For Repayment Of Loans For Borrowers Without Smartphones, Procedure
- Higher Education Loans Board (HELB) revealed that 298,511 accounts holding KSh 32.81 billion were in default
- The board funded 606,329 students at a total cost of KSh 33.45 billion in the financial year 2023/24, bringing the total number of beneficiaries to 1,696,781 since inception
- In a post on its official X handle on Tuesday, the state corporation said borrowers using Kabambe phones could dial *642# to repay their loans
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The Higher Education Loans Board (HELB) has provided a code for borrowers without smartphones to repay their loans.
What is HELB's USSD code for loan repayments?
In a post on its official X handle on Tuesday, September 3, the state corporation said borrowers using Kabambe phones could dial *642#.
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"No smartphone? You can conveniently repay your loan by dialling USSD code *642#," it stated.
HELB listed the steps to follow after dialling the code.
What are the steps to follow in HELB loan repayment?
- Dial *642#.
- Log in or register.
- Select loan repayment.
- Select M-Pesa.
- Enter amount.
- Enter M-Pesa pin.
- You will receive SMS notifications from M-Pesa and e-Citizen upon payment.
How many Kenyans are paying HELB loans?
HELB funded 606,329 students at a total cost of KSh 33.45 billion in the financial year 2023/24, bringing the total number of beneficiaries to 1,696,781 since inception.
The state corporation revealed that 710,107 borrowers took loans totalling KSh 41.73 billion, which were not yet due for repayment.
In contrast, 986,674 loans, amounting to KSh 127.81 billion, had matured and were due for collection.
HELB disclosed to TUKO.co.ke that only 443,501 beneficiaries were actively repaying their loans, accounting for KSh 64.01 billion, whereas 298,511 accounts holding KSh 32.81 billion were in default.
What's the waiver for HELB's lump sum payments?
Many Kenyans have defaulted on paying their loans after graduation because of a lack of employment.
HELB announced up to 80% penalty waiver to those who will make full payments.
The board stated that the decision was to lighten the load for those struggling to repay their loans due to accruing penalties.
Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke
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