- HELB announces an 80% penalty waiver for defaulters who clear their loans in full.
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Beneficiaries urged to seize the opportunity via HELB’s communication channels.
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No deadline specified for the waiver.
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Similar waivers were offered in 2018 and 2022 to encourage compliance.
The Higher Education Loans Board (HELB) has unveiled an 80% waiver on penalties for loan beneficiaries who clear their outstanding amounts in full.
In a statement issued on Monday, HELB encouraged defaulters to take advantage of the initiative, emphasizing that accessing the offer is as simple as making a call, sending a direct message, or reaching out via email.
“Settle your HELB loan in a lump sum and enjoy an 80% waiver on accrued penalties. Simple, rewarding, and just a call, DM, or email away!” the notice read.
However, the board did not specify the deadline for this limited-time offer.
This is not the first time HELB has introduced penalty waivers to ease the financial burden on borrowers. In 2022, the board granted a 100% penalty waiver to cushion former students from economic hardships triggered by the COVID-19 pandemic. Initially planned for one month, the waiver was later extended until June of the same year.
Similarly, in 2018, HELB rolled out a full penalty waiver in a bid to encourage lump sum repayments and improve loan recovery rates.
Sustaining Higher Education Funding
With these initiatives, HELB aims to enhance loan repayment compliance and ensure the sustainability of its funding model, ultimately supporting both current and future students in accessing higher education loans.
