Managing Director of the Nigerian Education Loan Fund, Akintunde Swayerr, announced that the student loan application portal will be launched on May 24, allowing students to apply for financial assistance for tertiary education and vocational training.
In an interview with ARISE NEWS, Swayerr outlined the objectives of the loan scheme, emphasizing its aim to bridge the financing gap for Nigerian students, making education more accessible and empowering individuals to contribute effectively to society.
Under the scheme, which covers 100% of tertiary institution fees along with student upkeep, the first phase will prioritize federal institutions due to the higher number of students requiring financial support in the public sector.
Explaining the application process, Swayerr stated that the portal opening on May 24 allows applicants to familiarize themselves with the process, with evaluations and approvals following for qualified candidates. The evaluation process will consider various factors, including financial need and available data such as JAMB number, NIN, and BVN.
Regarding repayment, Swayerr clarified that repayment begins two years after National Youth Service Corps (NYSC), with provisions for unemployment. Employed individuals will have deductions made by their employers, while self-employed borrowers will make voluntary payments based on a percentage of their income.
Swayerr encouraged prospective borrowers to conduct research, ask questions, and seek clarification to make informed decisions regarding the loan scheme.
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Reporting by Adeniyi Ogunfowoke, The Naija247news in Lagos, Nigeria.
