The Federal Government has said the recovery process from beneficiaries of the Nigeria Education Loan, NELFund, scheme would commence two years after the National Youth Service Scheme, NYSC.
The Executive Secretary, NELFund, Dr. Akintunde Sawyer, disclosed this in an interview with the News Agency of Nigeria, NAN, in Abuja yesterday.
On June 12, 2023, President Bola Tinubu signed the Access to Higher Education Act, 2023 into law, to enable indigent students access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
However, Sawyer said the reason for the two-year grace after NYSC was to afford the beneficiaries enough time to get a job and be stable before the repayment.
“The law provides that for students who go into paid employment, repayment will be two years after NYSC, but that does not mean that they cannot pay back before that time.
“However, if they don’t have a job two years after NYSC, we cannot compel them to pay. Where are they going to get the money from? So, we will help them and wait for them to be able to pay.
“There will be a register of those who have taken the loan and employers will have access to that register and see who has a loan.”
