Higher Education Loans & Scholarship Board (HELSB)


why should i pay back?

HELSB’s aim is not just to recover all loans with interest, but to also raise sufficient funds to meet the rising demand for higher education in Zambia among youths who want to live their dreams. The loan recoveries helps HELSB achieve this by establishing a Revolving Fund and this enhances loan payments to students. Additionally, paying back your student loan enables you attain a good credit score and avoids being listed on the Credit Reference Bureau as a defaulting debtor, thereby limiting your access to finance and certain employment opportunities.
The Higher Education Loans and Scholarships Act, 2016

In 2004, the Loan Scheme was introduced which implied that all students sponsored by Government in public universities were required to pay back upon completion of their studies. In 2016, an Act was enacted which provided for the modalities of how the student loans would be recovered. In 2018, HELSB started recovering student loans from beneficiaries and a revolving fund was created. HELSB supports students at six Universities (aside UNZA & CBU) from the loan repayments made by beneficiaries. HELSB encourages all student loan beneficiaries to pay back their student loans so that more students can benefit.

WhatsApp Image 2024-01-19 at 08.56.13_3cdae527

Repayment Methods

A beneficiary’s Loan Repayment starts within one year of completion of studies or within such a period as the Board decides to recall the loan whichever is earlier. However, a beneficiary can make voluntary payments before or after they complete their studies to reduce their loan balance.

Monthly Deduction Method (MDM)

A beneficiary is expected to pay back his/her loan in monthly instalments at an annual interest rate of 10% amortized over a maximum period of 120 months. This may be done via payroll deductions by the employer or direct payments into the Revolving Fund Account by the beneficiary.

Offset Method (OM)

A beneficiary is permitted to settle his/her loan in a single instalment. The interest charged for this method is the interest accrued in the month of the transaction. This allows full settlement of beneficiary’s loan and avoid interest payments for the full term of the loan.

Ad hoc Payments

A beneficiary is allowed to make additional payments towards the loan separate from the monthly instalments. These ad hoc payments do not attract interest and are applied only to the loan balance. This will result in the loan been settled in a shorter time period or the monthly instalment adjusted downwards, whichever option the beneficiary prefers.

Bank Account Details

“All student loan repayments are to be paid into the Revolving Fund Account domiciled at Zambia National Commercial Bank (ZANACO)”

Important Information to Note

  • Terms of recoveries

    After one year grace period elapses, a Beneficiary is expected to engage HELSB for a repayment plan.

  • When do I start paying back?

    After completion of study or separation from the University, a Beneficiary is given one-year grace period before commencing servicing the loan. However, payments during the grace period are allowed and no interest is charged during this period.

  • How much is my interest rate?

    Effective January 2024, student loans attract a rate of 10% interest per annum.

  • Over repayment

    In a situation where a Beneficiary overpays their student loan, HELSB will refund the Beneficiary and not their employer. To claim a refund, please Download and fill in the Recovery form. You can also use the electronic form here.

Completion of Loan Repayment

Upon completion of loan repayment, kindly seek clearance from HELSB. Please note that only HELSB and not your employer can confirm your loan repayment status. For clearance, please visit our offices or email us through our contact form below. For any complaints and queries visit our complaints page. 

Contact Recoveries

At HELSB, we’re committed to ensuring a smooth and transparent loan repayment experience for all borrowers. Get in touch with us now and let us assist you in managing your loan obligations effectively.