spells out terms of repayment…
By Folaranmi Ajayi
The Managing Director of NELFUND, Akintunde Sawyerr, has revealed that approximately N11 billion has been disbursed for student loans across the country.
Speaking in a recent interview, Sawyerr emphasized the government’s commitment to easing the financial burden of students seeking higher education.
He highlighted that the loan programme is aimed at creating educational opportunities for all students in need of financial support.
Sawyerr also clarified the terms of repayment for beneficiaries of the loan.
He explained that students are not required to begin repayment until two years after completing the National Youth Service Corps (NYSC) program, provided they have secured employment.
In cases where beneficiaries remain unemployed, they are not obligated to repay the loan until they find a job.
Furthermore, the loan repayment process will be facilitated through the employer of the obligor.
Sawyerr stated that deductions will be made from the beneficiary’s salary over a specified period, ensuring a smooth and manageable repayment process for the students.
This initiative aligns with the government’s broader goal of fostering educational development and reducing financial barriers for students.
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