The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, announced that the Fund anticipates receiving between 250,000 to 300,000 applications for its student loan scheme this year. This prediction was shared during an interview with Channels TV on Monday in Abuja.<\/p>\n
Sawyerr highlighted that the number of applicants from the non-academic sector might be considerably lower, as this segment of the scheme is still in its early stages. Despite this, he assured that NELFUND has sufficient funds to support all two million students currently enrolled in tertiary institutions across Nigeria.<\/p>\n
“The loan is not only for prospective students but also for those already attending various public institutions,” Sawyerr clarified. “Currently, there are about two million students in tertiary institutions, including those in the private sector. This loan is available to everyone already in the system, not just newcomers. If you apply for a loan today for the next session, you will get it.”<\/p>\n
He emphasized the Fund’s capacity to provide loans to all eligible students, stating, “We have the funds available to cover these numbers over time. This year, we expect to have 250,000 to 300,000 applicants from the academic side. The vocational side will see fewer applications as we are just starting that process.”<\/p>\n
On the topic of loan recovery, Sawyerr explained that repayments would be deducted directly from the borrowers’ earnings once they commence employment. Additionally, the scheme is insured to mitigate risks and exposures that could impact its operation.<\/p>\n
“The revised Student Loan Act includes provisions for loan forgiveness in certain situations,” Sawyerr added. “In cases where the borrower unfortunately passes away, the loan will be forgiven, ensuring that the burden does not transfer to their family.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, announced that the Fund anticipates receiving between 250,000 to 300,000 applications for its student loan scheme this year. This prediction was shared during an interview with Channels TV on Monday in Abuja. Sawyerr highlighted that the number of applicants from the non-academic sector […]<\/p>\n","protected":false},"author":16,"featured_media":37061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177,183],"tags":[939],"class_list":["post-37060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","category-education","tag-nelfund"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/37060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=37060"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/37060\/revisions"}],"predecessor-version":[{"id":37068,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/37060\/revisions\/37068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/37061"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=37060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=37060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=37060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}