NELFUND says students’ loan repayable, receives 760,000 applications
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By Davies Iheamnachor
The Nigerian Education Loan Fund, NELFUND, has said that the student education loan by the Federal Government is repayable, noting that the Fund has already received 760,000 applications from interested students.
This was as the Federal Government reiterated its commitment to ensuring access to quality Education and positive engagement of youths across the Nation, adding that 400,000 students are already benefiting.
NELFUND spoke during a one-day capacity building for students at the University of Port Harcourt, Port Harcourt, Rivers State.
Speaking, the Managing Director of NELFUND, Mr. Akintunde Sawyer, said that over 760,000 students have registered to access the student loan.
He explained that the loan was structured to ensure that beneficiaries received stipends for their upkeep directly, while the school fees were paid directly to the school on their behalf.
“As of today, we pay N20,000 a month, that is N240,000 for a session for the student. The loan is repayable, and none of these loans are with interest.
“It is the employer of the student with this loan that has the obligation to deduct 10 percent with the permission of the loanee from their income to send to NELFund in payment for the loan.”
Sawyer noted that 760,000 students have applied for the loan, with 400,000 already benefiting from the scheme.
He said, “So far, we have over 745,000 Nigerians who have applied for this loan. Out of this number, we have over 400,000 students who are benefiting from this loan.
“They have their school fees paid at the tertiary level, and some of them who have applied for upkeep are receiving N20,000 per month, per session.
“So far, we have disbursed over N80 billion to Nigerian institutions and Nigerians who are benefiting from the loan. We are receiving applications. In the last 24 hours, we had 2,700 applications. We are processing them.”
Sawyer said that those who access the loans are only obligated to repay them two years after completing the National Youth Service, when they become employed. Payment continues as long as they remain employed until the interest-free loan is paid off.
However, the Senior Special Assistant to the President on Students Engagement, Comrade Asefon Sunday, said the launch of the Nigerian Education Loan Fund (NELFUND), allocation of Funds to 15 schools across the country to create innovation hubs are pointers towards President Bola Tinubu’s youth friendly policies aimed at ensuring Nigerian students are better trained and equipped to function effectively in the society.
Sunday explained that the need to cascade the different policies being implemented by President Tinubu and to ensure students at the grassroots are better informed to become beneficiaries of these student-friendly programs necessitated the training.
“There is low awareness, accurate information is not given, we discovered that students are not aware of all these initiatives under the present Administration led by President Bola Tinubu. We have a President who listens, who cares, and believes that the only legacy he can give to the youths is quality education.
“Just last week the President also approved that Universities across the six geopolitical zones become beneficiaries of lighting up our institutions with Renewable energy to help students.”
He noted that engagement was an avenue for student leaders to share and ask questions, gain pertinent knowledge, and ensure that every student in the country, regardless of background or location, benefits from these opportunities.
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