The Nigerian Education Loan Fund (NELFUND) has clarified the requirements for the scheme, detailing why students enrolled in postgraduate programs are not eligible to apply for the funding.
During an appearance on TVC’s Breakfast Saturday, the Managing Director of the Fund, Akintunde Sawyerr, made this clarification.
Sawyerr also responded to queries regarding the loan eligibility for postgraduate students, stating that the facility is exclusively available to those pursuing their initial degree.
“The President has established this in such a manner that you don’t need any personal connections to access this loan. That’s the approach we are taking. No connections, no favoritism, no nepotism. We are determined to avoid that. The President wants us to fully democratize education.”
While repayments have yet to commence, the Managing Director assured that the Fund is working on developing a comprehensive repayment structure to ensure prompt and efficient loan repayments.
Currently, postgraduate students are not eligible for the loan as the primary focus is on aiding students in their pursuit of their first degree.
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Future willingness to support postgraduate students
However, Sawyerr provided some hope for postgraduate students by suggesting that they might become eligible for the loan facility at a later date.
“Postgraduate students cannot apply for this loan. There are many individuals in this country striving to reach their first step in tertiary education. The resources we have are directed towards assisting those seeking their initial opportunity.
“I commend those who have completed their studies and are now pursuing Master’s or PhD degrees; it’s wonderful. At some future point, we will have the capacity to fund them. For now, our focus is on those who require our assistance the most.”
He stressed that while there are plans to extend financial aid to postgraduate students, the immediate concern is to support undergraduates facing financial challenges.
The Fund is dedicated to ensuring that students are not forced to withdraw from tertiary institutions due to financial constraints, and future modifications to the loan scheme will be evaluated based on available resources and policy direction.
Over 271,000 students enrolled
The Managing Director noted that more than 271,000 Nigerian students pursuing tertiary education have benefited from financial assistance through the Federal Government’s Student Loan program since its inception in May 2024.
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“Nigerian students are responding very positively to the initiative. As more funds are disbursed, their trust is growing. An interesting trend currently is that President Bola Tinubu is helping to restore faith in the government. The students appreciate it. We are transparent in our operations.
“Overall, we have approximately 271,000 Nigerian students who have received funding for their fees or their fees along with living expenses,” he stated.
As of Saturday, March 22, out of 521,000 registered students for the loan facility, around 438,000 have completed their applications.
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Nelfund student loan