Public Relations Officer
Ministry of Higher Education
The Ministry of Higher Education through the Higher Education Loans and Scholarships Board (HELSB) has recovered K8, 688,414.91 million from the loan recovery program that commenced in September 2018.
In September 2018 HELSB recovered K2, 559, 545.69 and in October recovered K3, 092,489.86 while in November a total of K 3, 036, 379.36 was recovered.
The Loans were recovered from beneficiaries whose loans have matured since they left the University of Zambia (UNZA) and the Copperbelt University (CBU) where they pursued various studies.
The beneficiaries have been captured on the Government payroll under Public Service Management Division (PSMD).
The Ministry will start the loan deductions for those in the private sector this December month-end 2018.
Major employers of the beneficiaries like Mopani Copper mines, UNZA, CBU Zambia National Commercial Bank (ZANACO) and United Bank for Africa (UBA) already been engaged.
A total of 7,741 students are eligible for support during the 2018/ 2019 academic at CBU Riverside Campus in Kitwe.
While a total of 5,581 have successfully registered with the University and HELSB through the screening process that was conducted between 7th and 30th November 2018.
This means that 2,160 have not yet registered with the University and HELSB despite being awarded loans for the 2018/2019 academic year which commenced on 29th October 2018.
The Board targeted to recover loans from 19,000 beneficiaries whose loans have matured as at December 2017.
Out of 19,000 beneficiaries, 4,870 were employed by Government while 11,876 were on the NAPSA system and employed by different companies and institutions. A total of 2,254 were either not in formal employment, outside the country or dead. The Zambia Revenue Authority (ZRA) and the Patents and Companies Registration Agency (PACRA) will be approached to assist to trace those who were in the informal sector.
Over 41,389 students have been supported through the Student Loan Scheme at the University of Zambia, Copperbelt University and Kapasa Makasa University since 2004. Loans for 23,379 beneficiaries have become mature and ready for recovery as at December 2017.