The Higher Education Students’ Loans and Grants Board has announced an upward adjustment of upkeep allowance to college students from K200,000 to K350,000.

Speaking to journalists in Lilongwe, one of the Board members Henry Chingaipe said the adjustment has been considered due to rise in cost of living.

“The amount of K200,000 has been running since 2015 and the cost of living has increased tremendously,” he said.

According to Chingaipe, the Board has so far recovered K54 million from former students in the past three months.

He said: “In current terms, living on K25,000 a month is almost impossible, so we considered that and also they need to make sure that the we do not have students who are supported by the loans board and are withdrawing on the basis of lack when we have given them amounts of money to support them.”

Meanwhile, the Board has since disclosed that it has extended period for naming and shaming defaulters to June this year following interest to pay pack the loans by most beneficiaries.

“We will name and shame all defaulters that are alive and are unwilling to pay back

We have extended the grace period up to June 30th and after June we will take action,” said Chingaipe.

The students earlier proposed for a K480, 000 upward adjustment.

The Board started functioning in 2015, but the law gives it powers to recover loans from beneficiaries from way back in 1985.