Tips to repaying HESLB loans

[Bibi Mikopo]

(i) What should employer do when recruiting new graduates?

· According to Higher Education Students’ Loans Board Act No. 9 of 2004 (as amended), employer should notify the Board in writing of the employment of the higher education graduates within (28) days from the date on which such loan beneficiaries are employed


(ii) What will happen after submitting list of recruited graduates to HESLB?

· Upon receipt of the information from employers, the Board shall identify employees who benefited from higher education loans


(iii) What are the responsibilities of the employer after receiving a list of loan beneficiaries from HESLB?

· Ensure that the monthly deductions from salaries of loan beneficiaries are effected and remittance of such deductions is made as prescribed by the Board within (15) days after the end of each month


(iv) What will happen when employer stops to deduct from employee’s salary even after being informed by HESLB that such employee is a loan beneficiary?

· Failure to deduct or after deducting any loan repayment from a loan beneficiary does not pay such deductions to the Board within the prescribed period a sum of equal to ten percent (10%) of the total amount of repayment is charged on the employer for each month that repayment remains unpaid


(v) When should a loan beneficiary start to repay?

· Loans begin to be repaid following expiry of one year grace period upon successful completion of studies or upon earlier termination of studies for whatsoever reasons


(vi) Does employment status of a loan beneficiary matter in loan repayment?

· Loan beneficiaries must commence to repay their loans on due date regardless of their employment status


(vii) What is the percentage charged every month on loan for each beneficiary?

· All outstanding loans are charged with Value Retention Fee (VRF) at a rate of 6% per annum


(viii) Why does HESLB charge Value Retention Fee (VRF) on principal loans?

· Loans are charged with value retention fee to maintain a value of money against inflation rate so that the same should have equal value when issued as loans to other needy students in future


(ix) What are the legal consequences for a beneficiary who defaults?

· Any beneficiary who, without good cause fails to repay the loan is liable to civil proceedings. Moreover, the following consequences shall fall upon them:

(a) His loan is loaded with a penalty of 10 % of the outstanding loans

(b)His information of loan status is being submitted to the credit Reference Bureaux, following which they are barred from access to credit facilities from all Financial Institutions

(c) He is barred from Securing Government scholarships or admission for Postgraduate studies in any Higher Learning Institution outside the country

(d)Their details shall be submitted to the Ministry of Home Affairs, Department of Immigration and all Embassies where they will be denied approval for travelling abroad


(x) What is the role of Controller and Auditor General (CAG) and other private auditing firm in enhancing loans repayment and recovery?

· The role of Controller and Auditor General (CAG) office and other private Auditing firms is to enforce compliance of employers in submission of Graduates information and remittances of loan deductions


(xi) What should a beneficiary do to settle his/her loan?

· Upon successful completion of studies or upon earlier termination from studies for whatsoever reasons, a loan beneficiary must inform the Board in writing his whereabouts and the status of his employment so as to arrange with the Board on repayment of his/her loan











(xii) How are deductions remitted to HESLB?

· For an employed beneficiary, 8% of his/her basic salary will be deducted from his/her salary every month

· A beneficiary may decide to pay a minimum of TZS 100,000 each month through the following ways:

I. Tanzania Postal Bank CCA0240000032

II. NMB Bank Account 2011100205

III. CRDB Bank Account 01J1028467503


Contacts:

0754373481, 0763459165
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[Wissman]

Ajira hazipatikani vijana watalipa vipi hiyo mikopo? Mazingira ya Ajira yatengenezwe ili waweze kurejesha mikopo waliyopata. Watu wako mitaani miaka hata minne bila ajira huo mkopo ataanza kurejesha vipi?

 

[Mtumsafi]

Swahili version please

 

[Mtumsafi]

Na ikiwa mwajiri hakuwahi kuniambia,au kuniuliza kuhusu Mkopo,sasa apo kosa LA nani?

 

[KHAMISsecret]

Sasa apo ukisema mkopo ulipwe ikiwa mtu ameoata ajira au la, unaanisha nni??? Ivi ilo lengo la kuwasaidia maskini litakuwa limefikiwa kweli
Jengne, unasema unatoza 6% na/au 10% jee ivo vpengele vilikuwa sehemu ya terms of contract au mnakurupuka tu sasa ili muonekane mnafanya kazi

 

[NYANYADO]

Mie ni kweli ninadaiwa, ila kuna hela sikupewa ilienda chuo kingine na haikurudishwa. Msimamiaji upande wa bodi alikuwa anaitwa mandala, loan officer alopokea pesa hiyo alikuwa anaitwa professor msofe. Hapo inakuwaje kwa mnaofahamu.

 

[dSamizi]

Sintoisahau siku npo kwenye basi nnatoka JKT nmechoka, alaf nnaingia account ya bod ya mikopo nnakuta "non secured budget exhausted" duu nlijisikia vibaya saana, but am now 3rd yr inshallah Jully nnamaliza masomo yangu

 

[madmankache]

watu kutoka loan board nahis nao watakuwa wana ishu za beneficiaries hewa,mikopo haielewekag kabisa,sisi katka course yetu mwaka wa pili mkopo ulikuja umepungua takrbani 160,000 kwa mwaka,mwaka wa masomo 2013/2014 na mwaka wa amsomo 2014/2015,kwa hyo miaka miwili ya mwisho kati ya mitattu chuoni tulikuwa na upungufu wa takrbani 320,000.imagine ni kwa course yetu tuu sio hata faculty,pili sio wote waliopunguziwa kias hcho wengine walipunguziwa nusu ya tulichopunguziwa ss yaani 80,000 kwa mwaka,

 

[madmankache]

usijiroge ukasema kwamba unapostpon masomo kwa hyo wakusimamishie mkopo,utakaporudi utajuta kufuatilia mkopo wako urudishwe,unaambiwa mikopo tunapewa kima tofaut bila hata kujali taarifa za mkopaj wakat akifanya maombi,kila mtu ana mkopo tofaut ila kigezo kilicholeta utofaut hakijulikani,wengine kwao wako vzur financially lakn wametuzd mikopo ss watoto wa mama ntile.Yani ovyo mara icheleweshwe unakuta umefungua chuo mnakuja kusign boom mwez na masiku yamepta.

 

[Elikalalu]

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