HELB : Financial Literacy Assessment
1. What is a Loan?
A loan is a sum of money borrowed to be repaid with interests as per terms and conditions given by the lender.
Ans: True.
2. How does one access the HELB Loan?
To access the HELB loan, one must make an application and submit the same for processing.
Ans: True.
3. Must one apply for a HELB Loan?
It is not compulsory to apply for a HELB loan if one has alternative sources of financing their education. Only apply for the loan if you need financial assistance during your studies.
Ans: True.
4. Who qualifies to apply for a HELB loan?
A government sponsored or privately (self) sponsored student in a recognized institution of Higher Learning can apply for HELB loan at any stage of their academic program as long as they are within their allowable loans for course duration.
Ans: True.
5. I am below 18 years, Can I access HELB Loan?
Until I am 18 years of age and holder of a KENYAN NATIONAL ID card, I CAN NOT access HELB Loan. The loan is a legally binding agreement between HELB and the applicant. I cannot use another person’s National ID to apply for the loan because it is illegal.
Ans: True.
6. What do I do if I am unsatisfied with my previous loan award?
If not satisfied with loan award, I may appeal/ request for review of my loan award if amount sought is within the applicable loan limit.
Ans: True.
7. How much is charged as loan Interest?
HELB offers Undergraduate direct entry, TVET and Afya Elimu loans which are repayable at an interest rate of 4% p.a.
1. What is a Loan?
A loan is a sum of money borrowed to be repaid with interests as per terms and conditions given by the lender.
Ans: True.
2. How does one access the HELB Loan?
To access the HELB loan, one must make an application and submit the same for processing.
Ans: True.
3. Must one apply for a HELB Loan?
It is not compulsory to apply for a HELB loan if one has alternative sources of financing their education. Only apply for the loan if you need financial assistance during your studies.
Ans: True.
4. Who qualifies to apply for a HELB loan?
A government sponsored or privately (self) sponsored student in a recognized institution of Higher Learning can apply for HELB loan at any stage of their academic program as long as they are within their allowable loans for course duration.
Ans: True.
5. I am below 18 years, Can I access HELB Loan?
Until I am 18 years of age and holder of a KENYAN NATIONAL ID card, I CAN NOT access HELB Loan. The loan is a legally binding agreement between HELB and the applicant. I cannot use another person’s National ID to apply for the loan because it is illegal.
Ans: True.
6. What do I do if I am unsatisfied with my previous loan award?
If not satisfied with loan award, I may appeal/ request for review of my loan award if amount sought is within the applicable loan limit.
Ans: True.
7. How much is charged as loan Interest?
HELB offers Undergraduate direct entry, TVET and Afya Elimu loans which are repayable at an interest rate of 4% p.a.
Ans: True.
8. The following is a list of expenditures. Which one is applicable on how HELB loan should be utilized?
Ans: Paying College/University fees and purchasing study materials
9. A loanee has the following obligations, which one is NOT true?
Ans: Fail to repay the HELB loan when due
10. Which one of the following statements is False?
Ans: I will be NOT be required to repay the loan whether I finish School or not.
8. The following is a list of expenditures. Which one is applicable on how HELB loan should be utilized?
Ans: Paying College/University fees and purchasing study materials
9. A loanee has the following obligations, which one is NOT true?
Ans: Fail to repay the HELB loan when due
10. Which one of the following statements is False?
Ans: I will be NOT be required to repay the loan whether I finish School or not.
