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.
Already 400,000 students are already benefiting as the Federal Government reiterated its commitment to ensuring access to quality Education and positive engagement of youths across the country. Managing Director NELFUND, Mr. Akintunde Sawyer said this during a one-day capacity building for students at the University of Port Harcourt, Rivers State. He said that over 760,000 students have registered to access the student loan. He said that the loan was structured to ensure that beneficiaries received stipends for their upkeep directly to them, while the school fees are paid directly to the school on their behalf. He said “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 said that 760,000 students have applied for the loan, noting that 400,000 students are 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 those who access the loans are only obligated to pay back the loans two years after the National Youth Service when they become employed and payment continues as long as they are under employment till the interest free loan is paid up. 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.
Sundaysaid 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 that listens, that cares and believes that the only legacy he could 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 said that engagement was an avenue for student leaders to share ask questions, gain pertinent knowledge in order to ensure every student in the country regardless of background or location benefits from these opportunities.
NELFUND grants 400,000 student loans, receives 760,000 applications pending
