The Higher Education Loans Board (HELB) has raised alarm over an increase in the number of loan defaulters, posing a serious threat to the sustainability of the student loan fund.

HELB Chief Executive Officer Geoffrey Monari, in a TV interview on Tuesday June 17, 2025, revealed that the loans dates back to over 20 years, and the repayment has become an issue.

“Some 51,594 graduates who completed their studies over 20 years ago have not started paying back their loans, which together amount to over Sh8 billion,” said Geoffrey Monari.

“A further 23,786 individuals who left school between 12 and 17 years ago are holding on to unpaid loans worth Sh6.6 billion”

Monari stated that among accountants, 11 percent, roughly 2,420, are actively repaying their loans, while 2000 have fully settled their debts.

“Many people in this group cite current economic challenges, including unemployment and the high cost of living, as the reasons for their defaults,” he said.

“We have given loans to over 23,000 lawyers and only 2,644 have paid their loans, and the rest are not servicing their loans,” Monari stated.

“In the engineering field, out of 24,883 graduated engineers, only 1,594 have completed their loans, and only 894 are paying,” he added.

In the Medical field, Monari says only 2,115 are actively repaying the loans, while 11,701 haven’t paid their loans.

However, Monari acknowledges 44,000 teachers who are appearing to be making an effort in serving their loans.

The HELB Chief Executive Officer expressed frustration with employees who seemed to earn a decent amount of money but have neglected their loan repayment.

To address this crisis, HELB is considering several enforcement measures.

“These include listing loan defaulters with Credit Reference Bureaus (CRBs), which would affect their credit ratings and access to financial services,” Monari said.