Education Loans
A Quick Introduction to HELB
The higher education’s loan board commonly referred to as HELB is an loan disbursement department under the ministry of higher education which is charged with the mandate of providing students with financial assistance so as to make their life in campus more bearable and convenient through meeting the costs incurred while in school.
However, due to the fact that the government is disbursing the HELB to the students.There are a number of conditions which they are supposed to fulfill in order to get the funds, and also for the authorities to prioritize on the neediest students due to the large number of applicants with the loans board. Some of the requirements to qualify for the higher education loan include;
TVET LOANS
Tvet are initials for Technical, Vocational Education & Training. Tvet loans are issued to eligible applicants that are being enrolled in public Technical, Vocational, Education Training Institutes acknowledged by Ministry of Education.
These are students who are in pursuance of the diploma courses availed in Institutes that have been recognized by Ministry of Education, Science and Technology and have been registered with KUCCPS
VISION:
To be seen as the premier catalyst for workforce development in the region.
School Fees Payment Loans In Kenya
SOMA LOAN FROM BANK OF AFRICA
This kind of loan helps in relieving stress of paying school fees and offers you the lowest interest rate as you keep track of your bigger dreams. The personal loan offered here can finance all levels of education: primary, high school, college, university (graduate and postgraduate).
The features are a processing fee of 2% and loan tenure of up to 10 months. The minimum amount you can borrow is Kshs.20, 000 while the maximum is Kshs.500, 000. Requirements are, you have to be employed or retired with a regular pay, at least 3 months with the same employer, a valid employment contract and the last payslip.
The benefits of student loans in Kenya
While having a lot of student loans can be burdensome, there are some upsides of graduating with a bit of debt, especially the one you acquire from the department of education. Sometimes it is absolutely necessary for a student to require some financial help so as to complete his/her education. As a student don’t be so sad about it as there are two sides to every opportunity, the bad and the good.
Interest rate reduction
One of the larger benefits of student loans is that the interest you pay on the loans is often deductible, meaning you can subtract it from your income, reducing your tax burden for the year. The loans offered by the ministry of education in Kenya is deductible once you have finished your schooling and been employed. This ensures you study without much hassle and make payments later once you are employed.