University of Malawi Loans board upbeat to recover debt from former students
University of Malawi’s Higher Education Students’ Loans and Grants Board officials are upbeat they will recover all the K1.7 billion debt from former students.
The board`s executive director Chris Chisoni said the money is from 2700 former students who took the loan between 1985 to 2012.
“We are leaving no stone unturned. We are working with organisations, companies and the government in a bid to recover all the money,” he said.
He said the debt collection exercise is going on smoothly.
“The exercise is on track. As an incentive, we are charging an interest rate which was at the time they got the loans,” he said.
He said the former students were given two years grace period therefore they should now be prepared to repay the loan.
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too late it will not work, some are dead, some are abroad where are you going to find them. vomerezani that it was a donation and move on.
Interesting.
How much is the interest rate? I got MK120.00 (for term imodzi) in my final year at Chanco (1995) just for the fun of it – zinali zophweka as there weren’t really any checks to see if people were really ‘needy’ or not. I can vouch for it that half of the pople I know went and spent the money on various deeds in the ‘villa’ (Chikanda)!
I am sure it is a sizeable chunk now with some interest. Will pass by in December to sort it out! LOL
Thanks for the update, however, I have written your office several times to ask for guidance on the exact loan amount I owe? I am not very sure of the figure because of the changes that happening in the four years of college. Can you please respond to queries through the email that you publish in the papers. I have also met a lot of students who complain of lack of response from your organisation.