The Higher Education Loans Board is set to publish the names and pictures of defaulters in a bid to save needy children who need loans.
The board said the names and pictures of beneficiaries who have defaulted from 1975 to date shall be published in leading newspapers.
“Some beneficiaries who are in default have not responded to previous communication …therefore sustained default, hinders funding of other deserving Kenyan youth,” it said through a statement.
This will be published after the expiry of 30 days from the date of the notice and therefore legal action may be taken against each defaulter.
“Beneficiaries who are not servicing their loans are therefore advised as to get in touch with HELB for particulars of their loan accounts,” HELB added.
“…and any other inquiry on loan status may be confirmed via the loanee portal on the website.”
The board said at least 440,000 HELB loan defaulters expected to pay Sh52.1 billion are on the run.
Only 150,000 graduates are repaying their Sh23.6 billion loans, HELB says.
The higher education financier warned that another 390,000 graduates are holding Sh37.2 billion in loans that have not yet matured.
Currently, the board is paying Sh11.2 billion to 277,000 students annually with the Treasury providing Sh7.44 billion.
HELB says each student should receive Sh122,000 loan annually instead of the Sh37,000, following the high cost of living.
By Nancy Agutu