The Managing Director of NELFUND, Akintunde Sawyerr, has reiterated that beneficiaries of the recently disbursed student loans, totalling N11 billion, will not be required to begin repayment until they secure employment.
He clarified that students will have a two-year grace period after completing the National Youth Service Corps (NYSC), during which repayment is deferred if they remain jobless.
Sawyerr explained that the loan repayment process will only begin once beneficiaries are employed, with deductions made directly from their salaries by their employers.
This, he noted, ensures a smooth repayment plan for students, helping to ease concerns about debt repayment in the early stages of their careers.
The NELFUND boss also highlighted the government’s commitment to providing educational loans to support students financially.
He stressed that the programme aims to reduce barriers to higher education, while simultaneously offering a flexible repayment scheme that is contingent on the borrower’s financial situation.
