President Bola Ahmed Tinubu don distribute di first batch of cheques to show say di Student Loan Scheme don start wit di launch of di Nigerian Education Loan Fund (NELFUND).
Dis policy na one of di promises wey Tinubu bin make as e dey campaign for office, and di students loan bill – wey im proper name na di “Access to Higher Education Act of 2024” – na di first wey e sign into law as e become presido.
On Wednesday, for di State House for Abuja, Tinubu hand out cheques to students from di six geopolitical zones of Nigeria, and also to some federal institutions for di country.
“My belief be say education na di greatest weapon against poverty. Without education, vision no go dey; without education, development no go dey; without education, you no go fit conquer poverty, insecurity, and abuse for society,” Tinubu tok for di event.
NELFUND, wey im chairman na Jim Ovia and di Managing Director na Akintunde Sawyer, go help borrow moni to students wey get financial challenges make dem for finish dia education, and dem go pay back wen dem start working.
Oga Sawyer tok say di number of pipo wey don apply for di loan so far don pass 110,000, and more dan 160,000 pipo don visit di Nelfund website.
Plenty Nigerians still get questions about dis new initiative wey just start and BBC Pidgin try to answer some of dem for dis tori.
Who fit apply?
For May dis year, Oga Akintunde Sawyer tok say dem go start wit students wey dey attend universities wey be federal goment own.
“E go eventually reach state-owned institutions, and as you go see, we go also begin a programme on loan provision for pipo wey wan acquire vocational skills or vocational qualifications,” e tok for one press conference.
Students for state-owned schools fit apply o, but you need to wait until e reach una turn bifor you go get di loan.
How much you fit get?
E depend on how much be your tuition fees and oda payments for your school, becos di money no go enter your hand direct.
Oga Sawyer explain say Nelfund “go pay an institutional access fee, wey go give di students total access to classes, examinations, tutorials, and seminars within di confines of di institution”.
Asides di school fees and odas, Nelfund go also pay monthly stipend give di pesin to take hold body; all na part of di loan.
Nelfund no tok how much dis monthly stipend go be, but Sawyer tok say e no go pass a certain amount.
How you go apply?
Di application na through di Nelfund website. You go create profile and start di application.
You go need to enter di name of your school and your matriculation number, den upload di required documents.
Di website go also require you to verify your student status.
Wetin fit deny you di loan?
To apply no mean say you must to get di loan. Nelfund tok say dem dey run some background checks to know who fit qualify, and di following na tins wey fit disqualify pesin:
- If you bin don borrow money bifor from any financial institution and you no pay
- If you submit fake/fraudulent documents
- If dem bin don find you guilty of exam malpractices by any school authority, or dem bin pursue you for school
- If you bin don do fraud, forgery, drug offences, cultism, felony, or any offences wey involve dishonesty
- If your university never upload di data of dia students to di Nelfund portal, bicos dat data na wetin go help verify you as real student.
How you go pay back di loan?
Di law tok say pipo suppose start paying back di loan two years afta dia National Youth Service.
If di pesin get job, goment go dey collect 10% of im salary until e finish paying di loan.
For pesin wey no get job but e dey self-employed, goment go also dey collect 10% of your profit in a month until you finish paying, but na you go carry di money yourself go pay am for di education bank.
Pesin wey decide say e no go pay back di loan, e go face “penalties, legal action, and potential damage to your credit score” according to di Nelfund website.
But di Act tok say di pesin go pay N500,000 for fine or go prison for two years or both.
Akintude Sawyer, Managing Director of Nelfund tell tori pipo on Wednesday say di number of students from universities in Northern Nigeria wey don apply for di loan so far plenty pass di ones from di southern region.
“For di southern part of di country, e be like say dem bin dey doubt, and I think say di most sceptical parts of di country na di South; dem dey question everything: Na true e be? E dey real? Na scam?”
“But wit wetin you don witness as we actually start dis disbursment be say dis no be ‘no fund’. Dis na Nelfund,’ e tok.
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