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Loans board collects over K350 million

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The Higher Education Students Loans Board has said it has so far recovered over K350 million from former students since the grace period expired in April last year.
Loans board Executive Director, Chris Chisoni, said that the money has been recovered because of the board’s decision to recover the loans through employers of former University of Malawi students.
“We have been given a code under the Attorney General’s office where all government ministries are making monthly deductions and remitting all the deductions from former Unima students to the loans board.
“This means the government has fully complied with the loans recovery campaign and the private sector has always been cooperative with the idea to recover the loans,” he said.
Last year, the loans board devised mechanisms to recover loans from former Unima students, some of which included the naming and shaming of those who default through publication of their names in the country’s newspapers, dragging them to court and deducting money from their salaries through agreements with their respective companies.
“Since the grace period expired, it was difficult to recover the money from the former students. So, [by] implementing this method we have collected about K197 million on top of the K155 million that was collected during the grace period,” he said.
Chisoni further said, due to the 10 percent that was instituted on those that failed to make the payment before the grace period, the board is certain that it would collect a lot more money to keep the programme running.

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