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Government has through the Higher Education Loans and Scholarships Board (HELSB) reduced Student loan interest rates to 10 percent from 15 percent effective January 1, 2024.
Minister of Education, Douglas Syakalima, announced that the decision to reduce interest rates on student loans was made after extensive consultations with stakeholders and the Ministry of Education.
Read more: Higher Education and Loans Board recovers K320 million from students
According to Syakalima, the Higher Education Loans and Scholarship Board (HELSB) sponsored students at eight public universities.
Notably, six out of these eight universities were benefiting from funds recovered from individuals who had previously benefited from the student loan scheme.
Syakalima, on Monday during a media briefing, also revealed that his Ministry had implemented a new process to address defaulters, ensuring the continued facilitation of the programme.
In May 2023, President Hichilema, during his address to the University of Zambia students, made an appeal for a reduction in interest rates on loans.
This move came after stakeholders complained about the interest rates and called for the government to lower them to make education more accessible.
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