Government says through the Higher Education Loans and Scholarship’s Board it has recovered over 52 million kwacha , since 2018.
Higher Education Minister Brian Mushimba says 49.5 million Kwacha and 3.4 Million Kwacha has been recovered from the loan beneficiaries in the the civil service and the private sector, respectively.
Dr Mushimba said these monies recovered have supported an additional of 1432 students in the universities who he said otherwise would have not received sponsorship.
“The amnesty period for self-identifications coming forward will end soon, and all those that will not have come forward beyond the amnesty period will attract a penalty for each day they don’t show themselves and start paying back whether they are informal or in informal employment, ” he said.
Dr Mushimba commended the individuals from the private sector, who he said came up on their own accord to pay for the loans.
He consequently thanked them for showing patriotism and for taking responsibility to settle the debt.
“It’s such is such personal conviction, values and integrate that these loans depends on for its future success, the ownership by all over us that took this loan to want to pay back without government sending the police or me bringing names to parliament is absolutely a necessity, ” he said.
He said recipients are expected to pay back the loans in a period of four to 10 years with a 15 percent interest that accounts for the lost value of money and loan management fees.
Speaking when he delivered his ministerial statement at Parliament today, the minister said over 45,000 students have benefitted from the scheme.
The ministry is scaling up efforts to increase recoveries in order to ensure that the Higher Education Loans and Scholarship’s Board extends its coverage and enable more Zambian school leavers to access quality higher education.