There is a common misconception that NELFUND beneficiaries may end up in jail after taking the loan.
This is false and misleading.
Here are a few facts you should know:
— The Loan is open to all students studying in federal higher institutions in Nigeria.
— the NELFUND application is done exclusively online. No need for any middleman. Apply and await verification.
— Repayment commences ONLY two years after NYSC — and only if the beneficiary is gainfully employed.
— the NELFUND loan is interest-free.
— Repayment is made as easy and painless as possible by deducting just 10% of the beneficiary’s monthly salary.
The National Education Loan Fund (NELFUND) is an initiative established under President Bola Tinubu’s Renewed Hope agenda to alleviate the financial struggles of Nigerian students, expand access to quality education and restore hope for a brighter future.
So far, almost 1.6 million students have benefited from this initiative.
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.