GUARANTORS REQUIREMENT HAS BEEN REPLACED AND NEW LOANS LAUNCHED
A Resolution for removal of the requirement of Guarantors for the Higher Education Loan and replaced with Parents/Guardians undertaking was adopted at the recently held Supreme Council session in Mombasa. The resolution reads as follows:
Be it resolved that effective 1st June 2015, students applying for Higher Education Loans will no longer require to provide two guarantors for their applications. The Student and Parent/Guardian will have to take an oath in writing to repay these funds as per schedule, with the Parent/Guardian taking on joint-responsibility. All Jamaats will endeavor to assist Africa Federation in processing applications, due diligence, disbursements, and follow-ups into all such loans.
The Education Board is empowered to put new processes and controls in place to accommodate this new policy, especially related to necessary measures that should be incorporated to deal with students who willingly delay or default on their repayment obligations.
The Education Board is hopeful that with the passing of this Resolution, students will be further encouraged to pursue tertiary education.