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FG releases conditions as Student Loan Scheme begins
Students in Federal Government-owned tertiary institutions will be the first batch of beneficiaries of the student loan scheme.
The portal opens on Friday.
Chief Executive Officer of Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, stated this yesterday while unfolding the conditions would-be beneficiaries will be required to meet.
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No fewer than 1.2 million students are expected to benefit from the cardinal programme of the Bola Ahmed Tinubu Administration.
President Tinubu on April 3 signed into law the bill on the scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.
The ambitious cardinal programme will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).
This year, the revenue target given to the FIRS is N19.4 trillion.
Should the agency meet this projection, N194 billion will be available as a loan to the beneficiary students.
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Repayment, according to the law, will commence two years after the completion of the National Youth Service Corps (NYSC) programme.
Speaking yesterday on other conditions for beneficiaries, Sawyerr said students in federal institutions such as universities, polytechnics, colleges of education and technical colleges, whose institutions have completed and uploaded their student data would get the opportunity.
He said: “We are going to start with federal institutions because it is a programme that we have to roll out in phases. It will eventually be rolled out to state-owned institutions.”
Sawyerr said no guarantor was needed for students to access the loan.
He said applicants would be required to provide their “Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), and Bank Verification Number (BVN).”
He added: “Applicants are also to complete the application, including personal details, academic information and details of financial need and submit the application after reviewing it.”
Speaking on the repayments, he said the loanees, whether they are working with the government or in the private sector, must pay back the loans after two years.
He explained: “The agency will pay 100 per cent of the fee for the loanees to the institution. There is also the track of providing stipends to the loanees.
“We only pay for one session at a time because people drop out of institutions. They change institutions or change their mind about the course they are doing.”
On the possibility of bad loans, he said the agency was trying to make sure that it had as much information about the applicants as possible and be sure that they were bonafide Nigerian citizens and were of good standing.
“We also have various ways of working with security agencies to ensure that the people who are applying for these loans are not people who may want to be fraudulent,” Sawyerr said.
Scheme excites Youth Parliament
Speaker, Lagos State Youth Parliament, Itunuoluwa Soniregun, applauded the President for bringing the Student Loan initiative to fulfillment.
She said that the importance of the loan on youths and national development could not be over-emphasised, adding that President Tinubu had shown ‘great dedication’ to the initiative, which will greatly benefit students.
“The financial burden associated with attending higher institutions can be overwhelming, this pressing need, I believe, has necessitated the implementation of the student loan bill in the country,” the Youth Parliament leader said, according to the News Agency of Nigeria.
She added: “The Federal Government of Nigeria, in its wisdom, has once again acknowledged the importance of investing in future leaders, by providing financial assistance through the Nigerian Education Loan Fund.
“We are indeed, impressed and applaud our vibrant President for not only keeping to his words on this initiative, but for the promptness which youths can have access to it from May 24.
“This, I must confess presents a unique opportunity for our vibrant and ambitious youths to access higher education, without being deterred by financial constraints.
”By subscribing to this loan scheme, students can pursue their dreams, and acquire the skills necessary for personal and professional growth,” Soniregun said.
She urged willing applicants to be proactive in seeking assistance and clarification from the relevant authorities, when necessary, as they approached the scheme.
Soniregun said: “For those who are interested in benefiting from the Nigerian Education Loan Fund, I encourage you to seize the opportunity and explore the possibilities it offers as soon as possible.
‘Make thorough research about the requirements and guidelines; ensure that your applications reflect your commitment to academic excellence and personal growth.
“After getting it, use the funds wisely and judiciously, acknowledging that the Federal Government’s commitment to your education is a testament to their faith in your potential.”
She also charged would-be candidates to strive for excellence in their academic pursuits, as the knowledge and skills they acquired would transform their lives and contribute to overall growth of the nation.
