As Students look forward to taking advantage of the loan scheme which is expected to launch in the coming days, the Nigeria Education Loan Fund, (NELFUND) has disclosed that students of state owned institutions will not be immediate beneficiaries of the scheme
The Managing Director of the Fund, Akintinde Sawyerr, who stated this on Monday at a media briefing in Abuja, said only students from Federal Institutions whose data are uploaded on the fund’s dashboard would be qualified to benefit from the loan.
Sawyerr maintained that the loan would not be paid to the beneficiaries’ account, explaining that the laon would be paid directly to the schools where the beneficiary students are studying.
He, however, said certain stipends would be paid directly to beneficiaries on monthly basis to assist them buy items that would make them comfortable while pursuing their education.
The NELFUND boss said the fund would soon establish a vocational skills acquisition programme for students as part of its mandate.
Beneficiaries of the student loans are expected to repay disbursements two years after they secure jobs, either with government, in the private sector or as self-employed individuals
Sawyerr said the fund would work with security agencies to ensure that students don’t abuse the programme, hinting that those with criminal intentions would be fished out by the security agencies.