STUDENT LOAN INTEREST RATES REDUCED

0

STUDENT LOAN INTEREST RATES REDUCED

November 27th, 2023

The UPND New Dawn Government through the
Higher Education Loans and Scholarships Board (HELSB) has reduced Student loan interest rates from 15% to 10% effective 1st January, 2024.

Speaking during a media briefing this morning, Minister of Education Douglas Syakalima said the decision was arrived at following wide consultations with stakeholders and the Ministry of Education following calls by stakeholders for the government to reduce the interest rates.

Mr.Syakalima said that currently the HELSB is sponsoring students at 8 public universities adding that out of the 8 universities, 6 are currently benefiting from the funds being recovered from those that benefitted from the student loan scheme.

Meanwhile, Mr. Syakalima disclosed that the Ministry of Education has put in place a new process of dealing with defaulters in order to continue facilitating the program.

In May, 2023, President Hichilema while addressing University of Zambia students appealed for a reduction of interest rates on loans.

LEAVE A REPLY

Please enter your comment!
Please enter your name here