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In a milestone achievement, 58 beneficiaries of the Higher Education Loans and Scholarship Board (HELSB) have fully repaid their student loans, becoming the first group to do so since the scheme’s inception in 2004.
HELSB Chief Executive, John Machayi, announced this during a half-year media breakfast in Lusaka on Monday, where the 58 individuals were certified for settling their dues.
He noted that the board began recovering student loans in September 2018.
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“The total number of those still paying back is 18,309 out of 40,681 beneficiaries who have been traced,” Machayi stated. “Total recoveries as of June 2024 stand at K90,476,044.75, bringing the total cumulative recovered amount from 2018 to K592,666,001.29.”
Machayi also mentioned that 106 beneficiaries had died.
“Their loans will be treated as bad loans if they were not insured. For insured loans, the insurance companies will pay on their behalf,” he explained.
In addition to this progress, Machayi highlighted the inclusion of Zambia University College of Technology (ZUCT) in the student loan scheme, making it the ninth higher learning institution on the list.
“This expansion is a result of recoveries from previous beneficiaries,” he noted.
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