Students To Start Getting Student Loan Disbursement In 3 Weeks Time

According to Dr. Akintunde Sawyer, the managing director of the Nigeria Education Loan Fund (NELFUND) students will start getting the student loan disbursement of the first phase  in 3 weeks time.

Dr. Akintunde Sawyer, disclosed this on Saturday, June 1, 2024, during an NTA Weekend File live programme where Dr. Akintunde Sawyer, spoke on ‘Monitoring First Phase of Students Loan Scheme’.

“We will begin to disburse the students’ loan in the next 20 days, when the academic session starts,” Dr. Akintunde Sawyer, said.

Speaking on some challenges being faced by students applying for the student loan, the NELFUND managing director stated that there are glitches on the student loan application because sometimes the students’ registration numbers and other required numbers do not match with what is in the student loan application portal, hence, they may be denied access on the student loan portal until such is sorted out.

Meanwhile, Dr. Akintunde Sawyer, disclosed that there is a skill acquisition provision in the Students’ Loan Act as amended.

“The initial Act did not include skills acquisition, but the amended Act has included it,” Dr. Akintunde Sawyer, said.

Explaining why there was an infusion in the re-enacted Act, Dr. Akintunde Sawyer, said that President Bola Ahmed Tinubu requested for a skill acquisition provision to be added to the new Act because Nigeria requires a skilled workforce to grow its economy.

“The Students’ Loan Scheme provides funds for those who want to upgrade their skills, and Nigeria needs skilled man power,” Dr. Akintunde Sawyer, noted.

However, Dr. Akintunde Sawyer, explained that the main problem faced by the agency in executing this aspect of the student loan is that NELFUND has to set the standards for selecting those seeking the student loan for their skills upgrading.

In addition to this, Dr. Akintunde Sawyer, pointed out that engaging the youth in skill acquisition will go a long way in helping the country tackle armed robbery, banditry, and other manners of crimes associated with idle youngsters.

The student loan application portal was launched on Friday, May 24, 2024, to relieve Nigerians from the burden of trying to bridge their children’s higher education gap and to help youth actualise their lives dreams and academic aspirations.

The student loan scheme is seen by many as one major landmark that President Bola Ahmed Tinubu’s led administration is serious about repositioning education in Nigeria.

According to Dr. Akintunde Sawyerr, the managing director of the Nigerian Education Loan Fund (NELFUND), students can access student loans to pursue their academic aspirations and live their dreams without financial constraints and limitations through the student loan as it is going to be rolled out in phases.

“The first thing I can tell you is that we’re going to roll this out in phases, the first phase is going to be with federal institutions and then we’re going to move to the other tertiary institutions.

“It’s going to be the public sector mainly at the beginning because that’s where we find the bulk of students who perhaps need the financing cover,” Dr. Akintunde Sawyer, said.

Source: https://businessday.ng/news/article/student-loan-disbursement-to-commence-in-20-days-sawyer/