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The Nigerian Education Loan Fund (NELFUND) has clarified the reasons postgraduate students cannot access the Federal Government's student loan scheme.
During a live broadcast over the weekend, Managing Director Akintunde Sawyerr stated that the initiative primarily aims to assist students pursuing their first degree. However, he suggested that there may be a possibility for postgraduate students to benefit from the program in the future.
He said, "Postgraduate students are not eligible for this loan. There are many individuals in this country striving to achieve their first opportunity in tertiary education. Our available funds are targeted at those seeking their initial chance.
“We do have future plans for them (postgraduate students), but currently, they are not our main focus. Right now, we are concentrating on those graduating from secondary school who are unable to afford university fees.
Our goal is to prevent students from leaving the educational system after secondary school and to minimize dropouts in the 200, 300, and 400 level due to financial constraints. Our immediate priority is to help these students first. We will reach out to those who are a bit more advanced in their education later.”
The MD disclosed that since the program's inception in May 2024, more than 271,000 Nigerian students pursuing higher education have benefited from financial support.
According to Sawyerr, as of Saturday, March 22, among 521,000 registered students, approximately 438,000 have completed their loan applications.
He remarked, “Nigerian students are responding very favorably to the initiative. As more funds are disbursed, their trust is growing. One interesting development is that President Bola Tinubu is working to rebuild trust in the government. This is being well-received by the students.”
“We maintain transparency in our operations.
“To date, around 271,000 Nigerian students have either received financial aid for their academic fees or a combination of fees and living expenses.
“The structure set up by the President ensures that individuals do not need connections to access this loan. We are committed to preventing favoritism; there is no room for connections or nepotism. The President is determined to fully democratize education.”
Even though repayment has yet to commence, the Managing Director promised that the Fund is establishing a solid repayment framework to ensure timely and efficient loan repayments.
