Defaulters Will Not Face Pressure, Says NELFUND
NELFUND assures students they won't be pressured for timely repayment of loans as 260 institutions join the scheme, now aiding over 360,000 students in Nigeria.
Lois Udoye 
The Nigerian Education Loan Fund (NELFUND) has reassured students that they will not face pressure for timely repayment of their Federal Government student loans.
This announcement coincides with the inclusion of 260 federal and state institutions in the scheme, now catering to over 360,000 registered students.
At a sensitization event held at Ebonyi State University (EBSU) in Abakaliki on Thursday, NELFUND Managing Director Akintunde Sawyerr emphasized that the loans are interest-free, with repayment beginning two years after the completion of the National Youth Service Corps (NYSC), provided the student secures employment. He noted that the Establishment Act permits applicants to notify the agency if they remain unemployed after this period.
“Loan repayment starts two years after graduation and NYSC. If you are not yet working, you will not be required to start repayment. So, don’t let financial constraints stop you from pursuing an education,” said Sawyerr.
The event was conducted in partnership with the leadership of the National Association of Nigerian Students (NANS), led by President Lucky Emonefe, who encouraged students to take advantage of the loan, assuring them that it is accessible to all, not just a select few.
Chioma Nweze, Senior Special Assistant to the President on Community Engagement (South East), highlighted that the meeting aimed to address the low interest among students in the South East in accessing the loan. She urged students to utilize this opportunity, which is available to all Nigerian students, regardless of region, background, or political affiliation.
Prof. Chigozie Ogbu, Vice Chancellor of EBSU, acknowledged the challenges students face during the application process and called on NELFUND to address these issues to facilitate a smoother experience. He assured NELFUND of the university's commitment to aiding students in accessing the loan.
According to NELFUND’s website, as of October 3, 2024, 260 institutions have joined the platform, with over 360,000 students registered and 267,984 loan applications submitted. So far, over 45,440 students have benefited from the program, which aims to support up to 1.2 million students in its first phase launched on May 24, 2024.
