By Gabriella Ogbu
Mr. Akintunde Sawyerr, the Managing Director/CEO of the Nigerian Education Loan Fund (NELFUND), shed light on the eligibility criteria for accessing student loans provided by the Federal Government’s newly established fund. He emphasized that not all students at public universities automatically qualify for these loans.
During an interactive session with journalists organized by the Education Writers’ Association of Nigeria (EWAN) at the University of Lagos, Sawyerr outlined the parameters for loan eligibility. He specified that only students enrolled in Nigerian public tertiary institutions, including universities, polytechnics, colleges of education, and government-owned vocational training centers, are eligible for NELFUND loans. However, certain groups, such as inmates in correctional facilities, Nigerian students studying overseas, and those attending private postsecondary institutions, are excluded from the loan program.
Sawyerr clarified that NELFUND operates as a financial organization rather than a grant provider, offering interest-free loans to students from economically disadvantaged backgrounds. These loans cover 100 percent of the mandatory fees for each academic session, including allowances for accommodation and living expenses, based on the geographic location of the institution.
The loan disbursement process involves two segments: stipends deposited directly into recipients’ bank accounts and payments made to institutions to cover fees. Sawyerr emphasized that applicants must reapply each academic session, with applications typically processed within 30 days. The fund ensures transparency and efficiency by verifying applicants’ information, including their Bank Verification Numbers (BVNs), National Identification Numbers (NINs), and admission letters.
To prevent misuse of the loan program, Sawyerr noted that individuals with significant financial resources and fraudulent applicants (“ghost students”) would be ineligible for funding. He also clarified the repayment process, which begins formally two years after recipients complete the National Youth Service Corps (NYSC) program. Repayment timelines may vary based on recipients’ economic circumstances, with no strict deadline imposed.
Sawyerr emphasized NELFUND’s commitment to accountability, stating that funds would be reclaimed promptly from recipients who no longer require assistance. This proactive approach ensures that the loan program remains sustainable and accessible to deserving students pursuing higher education in Nigeria.
