Paying Helb Loan: Let’s own up; there is nothing like enough money! You get some and with it, a need to make more money. We Kenyans definitely know what it is like to be in the rat race!
Think about it, you join campus on the JAB ticket with all hope in the world and spent all of your HELB money trying to get a decent education and hopefully, be somebody – someday. Then you leave campus and the first few months (years for some people) have you humbled; getting a job was never that easy after all, you realize.
In the everyday ‘hassle’ to survive, you forget that the government lent you some money during your campus years and who cares whether you pay it now or not, you figure. It is the government, after all, you quip.
Meanwhile, the country continues to sink in debt and HELB is struggling to be able to fund another teenager’s pipe dream.
Thing is, I cannot overemphasize the importance of paying back that loan and I don’t need to. I am not HELB or paid by them, so instead, I will give two tips I have found useful in helping you get out of debt or at least, hasten your way out; although there really is no magic trick, you either pay or you don’t, that’s the bottom line.
Pay as often as possible – weekly, if you can
Every month – past the time you are supposed to be paying back your HELB loan – that you don’t pay, earns you a Kshs. 5000 fine. If say you do this for two years, how much more money will you have to pay eventually? Do the math!
There is a Kshs. 1500 minimum amount that you can pay per month to avoid the penalties. This is not much if you think about it. You can even make way past this amount by making a weekly payment.
It will require that you make paying off the loan a priority, of course.
If you can afford it, make lump sum payments
This is really the best option. HELB gives you a waiver if you make a lump sum payment and you want to take advantage of this.
I know, I know, your hard-earned money has so many uses without thinking about a loan you cannot refinance to get anything from. Still, there is a reason it was a loan, not a bursary and if you can afford it, better be done with it as fast as possible!
As I said before, there really is not a magic trick, don’t we wish there was? The only way to get it done is to do it!
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