BRD STUDENT LOAN RECOVERY ANNOUNCEMENT

The Development Bank of Rwanda (BRD) wishes to request all employers having staff who have benefited from the student loans scheme from 1980 to comply with the law nº 44/2015 of 14/09/2015 governing the student loans and bursaries. Therefore, BRD requests the concerned employers and staff members the following: The employers are required to submit to BRD the list of their staff members who benefited from the student loans scheme and their personal information so that they start servicing their loans. A form to fill is accessible from BRD website: www.brd.rw.The list shall be submitted electronically through education@brd.rwin PDF, or submitted to BRD, Education Finance offices, located at Kacyiru, KG 541 Street. Concerning staff members who are currently repaying their student loans by way of salary deductions, BRD is hereby requesting their employers to deposit the funds as soon as they make the deductions from the salaries on the bank accounts opened in various banks used as recovery accounts for the purpose of student loan repayments. The list of those accounts is also accessible from BRD website: www.brd.rw. After depositing the recovery funds deducted from the loan beneficiaries, the employers will submit a bank slip to BRD Education Finance Department offices in Kacyiru or send a scanned copy to BRD through education@brd.rw along with the list of concerned staff members. Loan beneficiaries are also requested to make follow-ups with their employers to ensure that the deductions from their salaries are deposited on appropriate BRD bank accounts and monthly declarations made to BRD. This will enable the clearance of loan indebtedness process. BRD also calls upon self-employed persons who were loan beneficiaries from the scheme to approach BRD to verify on their indebtedness towards the Student Loan Scheme and agree on a repayment plan. BRD takes this opportunity to inform all the persons involved in the recovery of student loans that upon the expiry of three months counted from the date of this announcement, it will start the processes of enforcing the penalties provided for in the above mentioned law for those breaching the law. For more clarification, please send your query to education@brd.rw. Done at Kigali, on September 27, 2016. Alex Kanyankole,Chief Executive Officer

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BRD STUDENT LOAN RECOVERY ANNOUNCEMENT