Paying off educational loans is a crucial step towards financial freedom and contributing to the development of one's country. In Uganda, the Higher Education Students' Financing Board (HESFB) plays a vital role in providing loans to students pursuing higher education. To ensure a seamless repayment process, the HESFB has partnered with major mobile network operators like MTN and Airtel, making it convenient for borrowers to repay their loans using mobile money services. In this guide, I will walk you through the steps of paying off your HESFB loans via MTN and Airtel.
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| HESFB logo: image Courtesy |
Introduction
Before delving into the payment methods, it's essential to understand the loan repayment process set by the Higher Education Students' Financing Board.
HESFB offers various repayment options, including monthly payments, quarterly payments, and biannual payments, allowing borrowers flexibility based on their financial situation. Additionally, borrowers are required to start repaying their loans within a specified grace period after completing their studies.
How to Pay via MTN Mobile Money
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| Image Courtesy :HESFB |
MTN Mobile Money is a widely used mobile financial service in Uganda, offering users a convenient way to perform various transactions, including loan repayments. To pay your HESFB loan via MTN Mobile Money, follow these simple steps:
1. Access the MTN Mobile Money Menu:
Dial *165# on your mobile phone to access the MTN Mobile Money menu.
2.Select 'Payments':
From the menu options, select 'Payments' by entering the corresponding number and press 'Send.'
3. Choose 'Pay Bill':
Next, select 'Pay Bill' from the options provided.
4. Enter HESFB Business Number:
Enter the HESFB business number, which is 800200.
5. Enter Payment Reference Number:
Enter your payment reference number. This is a unique identifier provided by HESFB to each borrower for loan repayment purposes.
6. Enter Amount:
Input the amount you wish to repay towards your HESFB loan.
7. Confirm Payment:
Review the payment details to ensure accuracy, then confirm the transaction by entering your MTN Mobile Money PIN.
8. Transaction Confirmation:
Once the payment is successful, you will receive a confirmation message from MTN Mobile Money.
How to Pay via Airtel Money:
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| Image Courtesy :HESFB |
Similar to MTN, Airtel Money provides a convenient platform for borrowers to repay their HESFB loans. Follow these steps to pay your HESFB loan via Airtel Money:
1. Access the Airtel Money Menu:
Dial *185# on your mobile phone to access the Airtel Money menu.
2. Select 'Payments':
From the menu options, select 'Payments' by entering the corresponding number and press 'Send.'
3. Choose 'Pay Bill':
Next, select 'Pay Bill' from the options provided.
4. Enter HESFB Business Number:
Enter the HESFB business number, which is 800200.
5. Enter Payment Reference Number:
Input your payment reference number provided by HESFB.
6. Enter Amount:
Specify the amount you wish to repay towards your HESFB loan.
7. Confirm Payment:
Review the payment details and confirm the transaction by entering your Airtel Money PIN.
8. Transaction Confirmation:
Upon successful payment, you will receive a confirmation message from Airtel Money.
Tips for Successful Loan Repayment:
-Keep Your Payment Reference Number Secure.
Your payment reference number is essential for accurately identifying your loan account. Keep it secure and readily accessible when making repayments.
- Double-Check Payment Details:
Before confirming your transaction, ensure that you have entered the correct payment reference number and amount to avoid any discrepancies.
- Set Reminders for Repayment Dates
To avoid missing repayment deadlines, consider setting reminders on your mobile phone or calendar for upcoming payment dates.
- Utilize Automated Payments:
Some mobile money platforms offer the option to set up automated payments, ensuring timely repayment without the need for manual intervention.
- Contact HESFB for Assistance:
If you encounter any difficulties or have questions regarding loan repayment, don't hesitate to contact the Higher Education Students' Financing Board for assistance.
Conclusion:
Paying off your HESFB loan via MTN and Airtel Mobile Money services is a straightforward process that offers convenience and flexibility to borrowers. By following the steps outlined in this guide and adhering to repayment deadlines, you can fulfill your financial obligations while contributing to the sustainability of Uganda's higher education financing system. Remember to keep your payment reference number secure, double-check payment details, and reach out to HESFB for support when needed. With responsible loan repayment, you pave the way for future generations to access quality higher education in Uganda.
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