Over 52 Million Kwacha has so far been recovered by the Higher Education Loans and Scholarships Board.
Higher Education Minister Brian Mushimba explains that over 49 Million Kwacha was recovered from over 4 thousand beneficiaries working for the Government, while over 3 million Kwacha was recovered by the beneficiaries working in the private sector.
Dr. Mushimba who was presenting a Ministerial Statement to parliament today said the Higher Education Loans Scholarship Board only managed to trace over 16 thousand of the beneficiaries from targeted to 19 thousand.
He said the board was able to trace the over 4 thousand beneficiaries through the government pay roll system, and over 11 thousand through the National Pension’s Scheme.
The Minister further said over two thousand beneficiaries are believed to be in the informal sector or in the Diaspora and yet to be traced.
He said from the monies recovered, the board was able to support over 1 thousand 4 hundred students in Seven Public Universities for the 2018-2019 and 2019-2020 academic years.
Dr Mushimba said further said his ministry will scale up efforts to increase coverage of recoveries through digital platforms to ensure that more student access the funds.
And Dr Mushimba said the loan are awarded on academic merit of which 30 percent is given to female students, another 30 percent is given to rural based learners while 10 percent is accorded to people living with disabilities .
He said the remaining 30 percent is awarded to the other students of which 60 percent is given to STEM students as a way of promoting science related courses.
And responding to question , Dr Mushimba said there is need for more sensitization on in how learners can apply for the loan to enable them access quality education.
Since 2004 , over 45 thousand beneficiaries have been supported through the student loan scheme at Seven public universities.