For many university students, financial support from the Higher Education Loans Board (HELB) makes the dream of higher education possible. However, while most students focus on receiving the funds, very few pay attention to what comes after graduation—loan repayment.
As graduation approaches, the reality of HELB repayment begins to set in. Many students admit they are not fully aware of when repayment starts, how much they are expected to pay, or the consequences of defaulting. This gap in knowledge has left thousands of graduates struggling with penalties and accumulated arrears.
According to HELB guidelines, repayment begins one year after graduation. During this grace period, graduates are expected to secure employment or find a source of income. Once this period ends, beneficiaries are required to start making monthly payments, regardless of whether they are formally employed or self-employed.
One major challenge facing graduates is unemployment. With the job market becoming increasingly competitive, many find it difficult to meet repayment deadlines. This has led to growing concerns among students, who feel that more awareness should be created while they are still on campus.
“I wish we were taught about repayment earlier,” says a third-year student. “Most of us only think about HELB when the money comes in, not when it has to go back.”
Failure to repay the loan on time attracts penalties, which significantly increase the total amount owed. In some cases, defaulters risk being listed with credit reference bureaus, affecting their ability to access financial services in the future.
To avoid such challenges, financial experts advise students to start planning early. Simple steps such as saving small amounts of money, learning basic budgeting skills, and exploring side hustles can make a big difference after graduation.
Universities and student organizations are also being urged to play a more active role in educating students about loan management. Workshops, seminars, and awareness campaigns could help bridge the information gap and prepare students for financial responsibility.
Ultimately, HELB is not just a source of funding—it is a responsibility. As students enjoy the benefits of financial support during their studies, it is important to remain mindful of the obligation that comes with it. Proper planning today can prevent financial stress tomorrow.
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