The Nigerian Education Loan Fund (NELFUND) has announced plans to introduce specialized software to ensure that students with disabilities in higher institutions can fully benefit from its loan scheme.
The Managing Director/Chief Executive of NELFUND, Akintunde Sawyerr, disclosed this development during a stakeholders’ engagement on student loans in Benin City, Edo State.
He emphasized that the Act establishing the loan scheme guarantees equal opportunities for all students, adding that NELFUND will collaborate with the National Commission for Persons with Disabilities (NCPWD) to enhance inclusivity.
“We want to see how we can make it easier for those visually impaired so that they can actually apply for the loan. We are looking at a specific software we are going to use,” Sawyerr said.
Loan cancellation policy
Addressing concerns about loan repayment in cases where a beneficiary dies, Sawyerr clarified that If a loan beneficiary dies, the debt is not transferred to their family or anyone else; it is completely cancelled.
“The law says that, if the very person dies, that loan is not transferred to the family or anyone else. The loan is wiped out,” he said
The Edo State Commissioner for Education, Dr. Paddy Iyamu, described the scheme as nearly free due to its zero-interest nature.
He explained that repayment would only begin two years after completing the National Youth Service Corps (NYSC) and once beneficiaries secure employment, with deductions set at 10% of their salary.
The commissioner commended NELFUND’s Managing Director for passionately championing the loan scheme across the three senatorial districts in Edo State and nationwide.
He assured that the Governor Monday Okpebholo-led government would leave no stone unturned to ensure the program’s success.
Commitment to inclusivity
Sawyerr reiterated the government’s commitment to ensuring access to tertiary education for all Nigerians
“President Bola Tinubu came up with this initiative that no Nigerian student anywhere in Nigeria should be deprived of the opportunity to gain tertiary education because of lack of money.
“In order to actualize this vision, he set up this agency, Nigeria Education Loan Fund. He has funded it, he has put political will behind it, having created a structure through an Act of Parliament that effectively says that we are to go and look for these students, those who are about to drop out, those who are considering not furthering after secondary level, that we should look for them and if money is their issue, we should try to solve it. We’ve been doing that,” he added.
Edo State Deputy Governor, Dennis Idahosa, commended the Federal Government for implementing the student loan scheme.
“Let me also use this opportunity to thank the President of our dear country, President Bola Tinubu, for this initiative. Because before now, many families go through a lot of challenges to be able to pay school fees for students across the country.
“The thanks also go to my former boss, the then Speaker of the House of Representatives, Femi Gbajabiamila. In the 9th Assembly, this bill was sponsored by him and was assented by the President, and that is what gave this opportunity to Nigerian students to be able to pay school fees,” he said.
Idahosa pledged the state government’s collaboration to ensure widespread awareness and access for Edo State students.
What you should know
- Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND), has assured students that beneficiaries of the student loan scheme will not be restricted from traveling abroad after graduation.
- Sawyerr clarified that the law does not prevent beneficiaries from seeking work anywhere in the world. He emphasized that having a loan with NELFUND does not mean students are tied to Nigeria.
- However, he advised that students should take responsibility for repaying their loans, even if they secure jobs abroad.
