How Student Loan Go Take Work – NELFUND Release Full Guideline

Nigerian Education Loan Fund (NELFUND) don release guideline on how di Federal Government Student Loan go take work for public tertiary institutions. Dem outline who fit apply, how to apply, how money go be paid, and how to pay am back. For statement wey dem drop on Tuesday, wey Mrs. Oseyemi Oluwatuyi  Director of Strategic Communications sign, she talk say any person wey wan apply must be Nigerian citizen, get valid admission into school wey dey qualify, and provide dem NIN, BVN, and JAMB details. She talk say all application go dey processed only through di NELFUND portal. Students wey qualify go submit their personal, academic and KYC details. Money wey dem approve no go reach student hand direct, na di school go collect am to cover tuition and other school charges. If student wan, dem fit still apply for small upkeep allowance, but that one no be compulsory.

Repayment go start two years after person don finish NYSC or if dem give you exemption. Every month, dem go collect 10% of wetin you dey earn whether through the Pay-As -You- Earn (PAYE) or you dey self-employed. Schools must confirm every application within 20 working days, pay back any overpayment if need dey, and follow all the reporting rules. If dem break the rules, dem fit chop sanction or suspension from the loan scheme. NELFUND still promise say dem go operate with fairness, equity, and follow Nigeria’s Data Protection Act of 2023 well well, to protect student data. Di Managing Director, Mr. Akintunde Sawyerr, talk say dis loan plan no just be to dash money na to break the money wahala wey dey block many students from school and to help grow Nigeria economy. “These guidelines na clear road map wey go help students and schools follow the right process,” na wetin he talk be that.