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All loanees are required to start repayment after a period of one year on completion of studies, or within such a period as the Board may decide to recall the loan whichever is the earlier (Section 15 HELB Act).
Loanees have the following obligation under the act: -
a) To inform the Board of his/her contact addresses (section 15 (a) HELB Act).
b) To begin repayment of his/her loan together with the any interest accrued thereon (Section 15(b) HELB Act)
c) To Facilitate the deduction and remittance of the loan to the Board – (Section 15 (c) HELB Act).
All employers are required by law to adhere to the following:
a) Inform the Board in writing that they have employed loanee(s). This should be done within Three months from the date of employment (Section 16(1) (a) of the HELB Act).
b) Deduct from the wages or remuneration of the loanee(s) the amount of any loan as instructed by the Board (Section 16(i)(b) of the HELB Act)
All employers are required to act as per instructions released to them by the Board hence any loanee(s) with complaints relating to the Board’s instructions MUST direct such complaint(s) to the Board
c) To remit to the Board all deductions from the loanees’ wages or remuneration within 15 days after the end of each month.(Section 16 (2) HELB Act).
The interest rate of HELB Loans
Currently those who graduated between 1974/75 and 1994/95 academic years repay their loans at an interest rate of 2%. Those who took loans from 1995/96 academic year to date are repaying their loan with an interest rate of 4%.

HELB can vary the interest rate anytime without referring to the loanee (Section 6(c) of the HELB Act)

    Months It Will Take To Be Loan Free:
    Years It Will Take To Be Loan Free:
    Total Amount Payed To Lender:
    Total Interest Paid To Lender: