Getting a higher education is a gateway to many good opportunities in the future and getting accepted to a university is a big achievement for any student. This is why Helb loans have become a popular means of financing higher education.
For instance, university graduates have better chances of securing jobs compared to those who don’t have a university degree. You also learn crucial life skills while in university that set you up for success in the future.
While going to university is a goal many hope to achieve one day, many have been left stranded wondering how they will afford to pay for their fees and other expenses when the time comes to join a university. There’s no doubt that getting a university degree is expensive which has deterred some people from pursuing higher education. However, there are several programs that assist students from underprivileged backgrounds to access financial aid such as loans, bursaries and scholarships.
The Higher Education Loans Board (HELB) is one of the organizations that offers several financial aid products to Kenyan students pursuing a full time course in a public or private universities within the East Africa Region. Some of the loans available include:
- TVET loans – offered to students attending TVET (Technical and Vocational Education and Training) institutions
- Undergraduate loans – offered to direct entry students who gained admission through the KUCCPS (Kenyan Universities and Colleges Placement Services) joining recognized undergraduate institutions
- Jielimishe loans – offered to salaries students in civil service, public commissions, parastatals, public universities, and selected private companies
The process of applying for a HELB loan can be daunting for a first timer coupled with the pressure of joining university. Here’s a guide on everything you need to do when applying for a HELB loan for the first time.
Requirements to apply for a HELB loan for the first time
- Admission letter from the institution
- Academic certificates and transcripts
- Copy of the applicant’s national ID, birth certificate or passport
- Applicant’s passport photo
- Applicant’s KCSE index number and year of examination
- Applicant’s valid bank details or MPESA number
- Copy of two guarantors’ national ID and telephone numbers
- Copy of a sponsorship letter (if sponsored in secondary school)
- Copy of parent’s death certificate (where applicable)
- Applicant’s telephone number
- Applicant’s email address
Process to apply for a HELB loan for the first time
- Visit the HELB website and click on the student portal link at the top of the page
- Click the Register button to create an account
- Fill in the relevant information ie ID number, nationality and first name then click Validate to continue (if you don’t have an ID, you can use your KCSE index number)
- Enter a valid email address and password the click Register
- Check your email for the activation instructions
- After activation, head back to the website and log in to your account
- Enter a valid phone number to receive a verification code Fill in your profile details and update your biodata
- Read through the consent form and agree by ticking the checkbox
- Fill in your personal details then save and continue
- Submit your loan request
- Accept the loan terms and conditions to proceed
- Fill in your guarantors’ details
- Provide loan payment information ie bank account or MPESA account details then click Submit
Once the application is recieved, it undergoes review and processing. Once approved, the funds are disbursed depending on the student’s admission status and financial situation. The amount awarded is usually between Ksh 37,000 and Ksh 60,000. For government sponsored students, Ksh 4,000 is sent to the institution every semester and the rest goes to the student’s account. For self-sponsored students, the full amount is sent to the institution.
HELB disburses the funds within two weeks before the semester begins. You can check your loan status through the HELB website or app or by dialling *642#
Students are given a grace period during the years of study and an extra one year after to start repaying the loan. After the grace period expires, you’re expected to make monthly payments. Failure to do so attracts a penalty of Ksh 5,000 for every unpaid month.
Note: it’s advisable to apply for a HELB loan at least a month