The Nigerian Education Loan Fund (NELFUND) has reassured students that the Federal Government’s education loan is both interest-free and accessible, with repayment only starting two years after graduation and completion of the National Youth Service Corps (NYSC). The fund also assured that graduates will not face harassment if they are unable to repay due to unemployment.
At a sensitisation event at Ebonyi State University (EBSU) in Abakaliki, NELFUND Managing Director, Akintunde Sawyerr, stressed that the loan scheme is designed to relieve students of financial worries while pursuing their education. He confirmed that students would only begin repayments once they are employed, and provisions have been made for those who remain unemployed beyond two years.
“The loan is interest-free, and you will only start repayment two years after NYSC, provided you are working. If you’re not employed, you won’t be contacted for repayment. This is an opportunity for students to focus on their education without fear of financial burden,” Sawyerr said.
The sensitisation, held in collaboration with the National Association of Nigerian Students (NANS), aimed to clarify the loan process and debunk misconceptions surrounding it. NANS President, Lucky Emonefe, assured students that the loan is available to all who meet the criteria, regardless of their background, and not restricted to a privileged few.
In addition to covering tuition fees, students on the loan programme will receive monthly stipends for their upkeep. The initiative, launched in May 2024, has onboarded 260 tertiary institutions and registered over 360,000 students. So far, more than 45,440 students have benefitted, with the first phase expected to reach up to 1.2 million students.
Chioma Nweze, Senior Special Assistant to the President on Community Engagement (South East), highlighted the need for students in the South East to take advantage of the loan, noting low interest in the region. “This loan is for all Nigerian students, regardless of region, religion, or political affiliation. There’s no reason why students here should lag behind in benefiting from it,” she said.
EBSU Vice-Chancellor, Prof. Chigozie Ogbu, called on NELFUND to address challenges encountered in the application process and assured that the institution would continue to guide students in accessing the loan scheme.
