HELSB Zambia
HIGHER EDUCATION LOANS AND SCHOLARSHIPS BOARD (HELSB)
HELSB Overview
The Higher Education Loans and Scholarships Board (HELSB) was established by the Higher Education Loans and Scholarships Act No. 31 of 2016. HELSB replaced the Bursaries Committee which was established by Statutory Instrument No. 182 of 1973 of the Education Act CAP 134 of the Laws of Zambia. HELSB has taken over the administration of student loans and scholarships from the Bursaries Committee.
The Mandate of HELSB Zambia
HELSB was established with a mandate of:-- Sourcing for funds, allocating and disbursing student loans to Zambians pursuing higher education in recognized institutions of higher learning.
- It also has the mandate to recover all mature loans disbursed since 2004.
HELSB STUDENT LOANS
Currently Student Loans are given to Undergraduate Students joining UNZA, CBU and KMU from secondary schools across the country. The loans cater for tuition and accommodation fees and meal, book and project allowances. The students are required to repay their loans one year after leaving their institutions of learning.The currently recognized institutions of higher learning benefiting from HELSB
- Copperbelt University Student Loans
- The University of Zambia Student Loans
- Kapasa Makasa University Student Loans
METHOD OF APPLICATION
Applicants should submit:- Letter of application responding to the advertisement, clearly stating the program of study desired, age, day-time phone number for easy communication;
- Curriculum Vitae, certified photocopies of academic certificates, certified photocopies of applicant’s NRC, Birth Certificate and passport copies of pages 2 & 3
- A study plan or synopsis summarized details of preferred course and how the intended course of study will enhance one’s contribution to Zambia’s development agenda (200 words for undergraduates and 400 words for postgraduates on one face of an A4 page).
- It is a requirement by the host countries that all nominated candidates undergo comprehensive medical examination, including HIV, TB and Hepatitis B
Who is a Loan Beneficiary?
A Beneficiary is a person who has been awarded a student loan by HELSB.Repaying the Loan
- A beneficiary is expected to start paying back their student loan after the one year grace period elapses. This one year grace period starts after a beneficiary completes their studies. A beneficiary is expected to visit HELSB offices for enquires on the loan repayment process and terms of repayment.
- A beneficiary can also decide to offset their loan by informing the HELSB how they would want to offset it.
- The worst case scenario for repayments is 10 years which is repaying in 120 months. The interest is at a rate of 15% compound should a beneficiary decide to repay in more than one month. This interest rate becomes simple interest should a Beneficiary decide to offset their principal at once.
Terms of HELSB Laon Recoveries
After one year grace period elapses, a Beneficiary is expected to visit HELSB offices for a repayment plan.When does one start paying back?
After completion of study, a Beneficiary is given one year grace period before starting to pay back.Source:- helsb