Akintunde Sawyerr, the Managing Director/Chief Executive Officer of Nigerian Education Loan Fund (NELFUND), has revealed that the Student Loan Scheme is totally open to students who are in the process of gaining admission to tertiary institutions.
He made the disclosure while speaking with newsmen.
“As long as you are in a federal institution or state institution or you want to join the institution the loan application is open to you. Clearly if you are in your final year and your fees have been paid, we can’t help you. We don’t go backward to provide loans to people who have already paid. We are going forward. Those in the institution or entering the institution are eligible to apply,” he said.
“What we have not done is to break the loan into various components. We will pay 100% of the institutions’ charges. The institution has a number of charges which may include accommodation. However, there are other charges outside the institutions’ charges. The students may need money for data, airtime, books and photocopy. All of that has been captured in upkeep allowance and we give to the individuals.
“What we have done was to look at the algorithm of where the institution is and what is the cost of living in that area. If you are living in Akoka, the rent of an apartment may be different in a place like Kafanchan. The costs are different. We try to take an intelligent look at this and say that this is what we think the student may require. We are not giving people a token that will not take them anywhere.”
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