Student Loan Scheme To Commence With 1.2M Beneficiaries – FG


The Managing Director/Chief Executive Officer (MD/CEO), of Nigerian Education Loan Fund (NELFUND’S) Mr. Akintunde Sawyer has disclosed that at least 1.2 million young Nigerians will be in the first batch of those to benefit from the Student Loan Scheme of the Bola Ahmed Tinubu administration.

According to the NELFUND CEO, “We don’t expect to have more than 1.2 million students in the first instance. As time goes on, there will probably be expansion.

“For the successful applicants, we will be paying their fees – the full amount – directly to the institutions. There will also be a stipend paid to the individuals.

“At a regular interval, the beneficiaries will receive an amount of money for their upkeep so that they can do the basic things – feeding, photocopying handouts and data.

“They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students. We all know that students’ survival is on another level.”

Mr. Sawyer highlighted requirements to be meet by potential beneficiaries to include, Joint Admissions and Matriculation Board (JAMB) Numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details before they can apply for the loan.

He explained that those who are already students and seek to take the loan would need to, in addition to these conditions, provide their matriculation details.

“This is not going to be an elitist programme. It is a programme that is going to drag as many people into the education net as possible.

“That is what the President intends, and that is what we are going to do,” he said.

He stated that repayment, according to the law, will commence two years after the completion of the National Youth Service Corp (Nysc).

Mr. Sawyer emphasized President Tinubu’s dedication to ensuring that all students who express interest benefit from the program.

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