Frequently asked questions (FAQs) about HESLB
HESLB, which stands for Higher Education Students’ Loans Board, is a government institution in Tanzania that provides loans and scholarships to eligible students pursuing higher education. In this section, we will address some frequently asked questions (FAQs) about HESLB.
1. What is HESLB?
HESLB is an abbreviation for Higher Education Students’ Loans Board. It is a government institution in Tanzania that was established under the Act of Parliament No. 9 of 2004. The primary objective of HESLB is to provide loans and scholarships to Tanzanian students who are unable to afford the cost of higher education.
2. Who is eligible for HESLB loans?
To be eligible for HESLB loans, students must meet certain criteria set by the board. These criteria include being a Tanzanian citizen, being admitted to an accredited higher education institution, and demonstrating financial need. Additionally, applicants must not have received any previous loan from HESLB or any other loan board.
3. How can I apply for a loan from HESLB?
To apply for a loan from HESLB, you need to follow a specific application process. First, you need to create an account on the HESLB online application system. Then, you will be required to fill in your personal information, academic details, and financial information. You will also need to provide supporting documents such as academic certificates, admission letters, and proof of income or assets.
4. What types of loans does HESLB offer?
HESLB offers two types of loans: direct loans and indirect loans. Direct loans are given directly to students who meet the eligibility criteria and are pursuing their studies in accredited higher education institutions within Tanzania. Indirect loans, on the other hand, are given to students who are studying abroad or in private institutions within Tanzania.
5. How does the loan repayment process work?
After completing their studies, borrowers are required to start repaying their loans to HESLB. The repayment period starts one year after the completion of studies or six months after securing employment, whichever comes first. Repayments can be made through various channels such as banks, mobile money platforms, or directly at HESLB offices.
6. What happens if I fail to repay my HESLB loan?
Failure to repay a HESLB loan can have serious consequences. The board has the authority to take legal action against defaulters, including garnishing their wages or taking legal measures to recover the outstanding amount. Additionally, defaulters may be blacklisted by credit reference bureaus, which can negatively impact their creditworthiness in the future.
7. Can I apply for a HESLB loan if I am already studying?
Yes, it is possible to apply for a HESLB loan even if you are already studying. However, there are specific conditions that need to be met, such as not having received any previous loan from HESLB and meeting the eligibility criteria set by the board.
8. What is the role of HESLB in promoting higher education in Tanzania?
HESLB plays a crucial role in promoting higher education in Tanzania by providing financial assistance to students who would otherwise be unable to afford it. By offering loans and scholarships, HESLB enables more Tanzanian students to access higher education and contribute to the development of the country.