THE Managing Director of Nigerian Education Loan Fund (NELFund), Mr. Akintunde Sawyerr, has revealled that students in federal tertiary institutions would first be considered in the roll out of the scheme.
Sawyerr, who disclosed this in Abuja on Monday, May 20, at a news conference on pre-application sensitisation on the loan scheme, said the Fund would first roll out its obligations to federal universities, polytechnics and colleges of education that had completed and uploaded their students’ data on their dashboard.
He emphasised that uploading of students’ data on the Fund’s dashboard by their schools was the only means through which the students would be eligible to apply for the loan, adding that the Fund had partnered with the institutions for seamless upload of the students’ data and the loan would be paid 100 per cent to the beneficiaries through their institutions.
Sawyerr called on federal tertiary institutions yet to upload details of their students to do so, noting: “The loan application will be opened on May 24. We are starting with the federal tertiary institutions, but the loan will eventually be rolled out to state institutions too.”
The NELFund boss stated that beneficiaries would be made to repay the loan two years after completion of their National Youth Service Corp (NYSC), on the condition that they had secured employment, regardless of where they secure job opportunities after their national service.
On what becomes of the scheme in cases of death, mental and physical illness of the beneficiaries, Sawyerr said the Fund was looking at an insurance model that will address bad loans, explaining that the establishment Act has made case for debt forgiveness.
He explained further: “The first thing we are doing is to try to make sure that we have adequate information about the application for the loan as much as possible. We need to know that those who applied for the loan are bonafide Nigerian citizens and of good standing, and we have various ways to know that.
“We are working with security agencies to ensure the people who are applying for this loan are not people who may want to defraud the system. We will also follow up on the beneficiaries each year they apply and ensure we are in constant communication with them.
“We are looking at an insurance model to ensure loans that are bad are handled. This will help to protect tax-payers money.”
He urged students to apply by logging into its portal through www.nelf.gov.ng and create an account using their existing credentials.
Sawyerr said the students would also be required to document their information, such as their JAMB admission letter, NIN and BVN, as well as include personal details, academic information and financial needs.
