Beneficiaries of Higher Education Students' Loan Board (HESLB) will from this month have 15 per cent of their basic salary deducted to repay the loan as per amendments of the HESLB Act, 2004, passed by the National Assembly in November, last year.
Currently, recipients of the bursaries repay their loans through a monthly deduction of eight per cent only, with the amendment therefore almost doubling the repayment rate. The loan board has been writing to employers to remind them of their obligation to deduct the new rate and channel it for repayment, starting this month.
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