- The Bola Ahmed Tinubu government has reassured Nigerians that no indigent will be denied the student loan scheme billed to commence soon
- Akintunde Sawyer, executive secretary of Nigeria Education Loan Scheme, said that the loan initiative would take several criminals off the streets of the country
- Sawyer also disclosed that the recovery process from beneficiaries of the loan scheme would commence two years after the NYSC
FCT, Abuja - The federal government has said the recovery process from beneficiaries of the Nigeria Education Loan Scheme (NELFUND) would commence two years after the National Youth Service Scheme (NYSC).
The executive secretary, NELFund, Akintunde Sawyer, disclosed this, according to the News Agency of Nigeria (NAN) on Thursday, March 7.
Sawyer stated that the two-year grace period following the NYSC is designed to give participants ample time to find employment and achieve financial stability before starting their repayments, NairaMetrics noted.
His words:
The law provides that for students who go into paid employment, repayment will be two years after NYSC, but that does not mean that they cannot pay back before that time.
However, if they don’t have a job two years after NYSC, we cannot compel them to pay. Where are they going to get the money from? So, we will help them and wait for them to be able to pay.
There will be a register of those who have taken the loan and employers will have access to that register and see who has a loan.
Once they see who has a loan, when they are employing the individual, they will be obliged through the payroll system to refund 10 per cent of the earnings of that individual back to the fund.
We are trying to help Nigerians who need better education.
Read more about student loans:
- Student loan: How can I apply, what can I borrow and when do I pay it back?
- “The website is almost done”: FG gives new update on student loan, how beneficiaries can apply
- Student loan vs school feeding: Why Tinubu’s N150bn scheme can’t work in Nigeria, experts reveal
Tinubu directs expansion of student loan
Earlier, Legit.ng reported that Sawyerr explained how the student loan would be accessed by interested Nigerians.
Sawyerr said there will be no human contact in accessing the loan as everything will be automated and funds for successful students will be transferred to the schools’ accounts.
Tinubu directed NELFUND to expand the student loan program to include students interested in skill-development programmes.
.. Source: Legit.ng
