A beneficiary of the 1976-1977 student loan scheme has repaid a sum of N1.5 million to the newly constituted National Education Loan Fund (NELFUND), despite originally borrowing only N750 during their studies.
The individual, who remains anonymous, benefitted from the now-defunct educational loan board during their academic journey nearly five decades ago.
While the old board has long been wound up, the beneficiary’s decision to fulfil their financial obligation highlights a commendable sense of accountability.
A spokesperson for NELFUND expressed gratitude, noting that such acts of integrity could inspire others and further strengthen the capacity of the fund to assist more deserving students in achieving their academic aspirations.
“This repayment goes beyond monetary value; it exemplifies the honesty and commitment we hope to see from beneficiaries. With more citizens like this, the NELFUND student loan initiative can impact countless lives positively,” the spokesperson said.
This gesture comes at a time when the government is intensifying efforts to promote access to education through the NELFUND scheme, aimed at providing interest-free loans to financially constrained students.
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.
