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.