The Higher Education Students’ Loans Board (HESLB) was established under the Act No. 9 of 2004 and became effective in July 2005.
HESLB is mandated to, among others, issue loans and or grants to needy and eligible students.
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HESLB shall not raise a duplicate loan payment to such students who voluntarily move to other HLIs. Upon receiving confirmation from relevant authorities, a loan transfer will be effected.
No loan transfers will be made 90 days after first admission. All Transfers will not trigger any change on the original loan amounts allocated to individual beneficiaries.
All continuing loan beneficiaries shall continue to receive their loans as per their original Means Test Grades upon submission of examination results/progress reports. All continuing loan beneficiaries are not required to re-apply for the loans.
Loan Repayment. Upon completion or termination of higher education studies, a loan beneficiary shall be required to repay his/her loan through monthly deductions of not less than 15% of salary/income.
No loan transfers will be made 90 days after first admission. All Transfers will not trigger any change on the original loan amounts allocated to individual beneficiaries.
All continuing loan beneficiaries shall continue to receive their loans as per their original Means Test Grades upon submission of examination results/progress reports. All continuing loan beneficiaries are not required to re-apply for the loans.
Loan Repayment. Upon completion or termination of higher education studies, a loan beneficiary shall be required to repay his/her loan through monthly deductions of not less than 15% of salary/income.
Loan Repayment Requirements- Value Retention Fee: To ensure sustainability of the loan scheme, a Value Retention Fee (VRF) equivalent to 6% per annum from the date of receiving loan items is charged.
- Loan Administration Fee (LA): All students’ loans shall be subjected to 1% Loan Administration fee payable once
- Penalty Fee (PF): A beneficiary who fails to repay his/her loan after expiration of grace period of 24 months after graduation, shall be charged a 10% one-time-penalty.
