The Managing Director, Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr says students in federal tertiary institutions would first be considered in the roll out of the scheme.
Sawyerr disclosed this in Abuja on Monday, at a news conference on pre-application sensitisation on the loan scheme.
He said that the Fund would roll out its obligations to federal universities, polytechnics and colleges of education which had completed and uploaded their students’ data on their dashboard.
Sawyerr stressed that uploading of students’ data on the Fund’s dashboard by their schools was the only means through which the students would be eligible to apply for the loan.
He said NELFUND had partnered with the institutions for seamless upload of the students’ data and the loan would be paid 100 per cent to the beneficiaries through their institutions.
Sawyerr called on federal tertiary institutions, yet to upload details of their students to do so.
“The loan application will be opened on May 24. We are starting with the federal tertiary institutions, but the loan will, eventually, be rolled out to state institutions too,’’ he said.
Sawyerr added that the beneficiaries would be made to pay the loan, two years after completion of their National Youth Service Corp (NYSC), on condition that the individual had secured employment.
According to him, the repayment is expected to be made by the beneficiaries regardless, of where they get their job after their NYSC.
Speaking on what becomes of the scheme in cases of death, mental and physical illness of the beneficiaries, he said the fund is looking at an insurance model that will address bad loans.
He also noted that the NELFund establishment Act has made case for debt forgiveness.
“The first thing we are doing is to try to make sure that we have adequate information about the application for the loan, as much as possible.
“We need to know that those who applied for the loan are bonafide Nigerian citizens and they are of good standing and we have various ways to know that.
“We are working with security agencies to ensure the people who are applying for this loan are not people who may want to defraud the system.
“We will also follow up on the beneficiaries each year they apply and ensure we are in constant communication with them.
“We are looking at an insurance model to ensure loans that are bad, are handled. This will help to protect tax-payers money,” he said.
He urged students to apply by logging into its portal through www.nelf.gov.ng and create an account using their existing credentials.
Sawyerr said the students would also be required to document their information such as their JAMB admission letter, NIN and BVN.
He listed other required information to include, personal details, academic information, and financial needs. (NAN)