The Nigerian Education Loan Fund (NELFUND) has assured students that beneficiaries of the government’s student loan scheme will not face any restrictions on traveling abroad after graduation.

This clarification was made by Akintunde Sawyerr, Managing Director and Chief Executive of NELFUND, during a sensitization program at Edo University, Iyamho, on Wednesday. He addressed concerns raised by students regarding potential travel limitations tied to the loan scheme.

Sawyerr emphasized that the law governing NELFUND does not prevent graduates from seeking job opportunities outside Nigeria, stating:

“The law that set up the Nigerian Education Loan Fund does not limit your ability to look for work wherever you want. You are not tied. It does not say you cannot leave Nigeria because you have a loan with us.”

However, he urged beneficiaries to fulfill their obligations by repaying the loan, regardless of where they work after graduation.

“If you have a loan in Nigeria and you want to get a job somewhere else, the right and proper thing to do is to pay back your loan.”

NELFUND Loan Offers Interest-Free Repayment Structure

Sawyerr encouraged students to take advantage of the education loan scheme, highlighting its unique benefits compared to other loan types. He stressed that the loan repayment structure is interest-free, even if repayments extend over a decade.

“This is the only loan you can take to acquire something that can never be taken away from you—education. If you miss this opportunity, it will affect generations.”

He reassured students that NELFUND operates with full transparency and that the organization has sufficient funds to cover all approved applications.

NELFUND Ready to Disburse ₦135 Billion in Student Loans

According to Sawyerr, NELFUND has received approximately 520,000 registrations and 419,000 applications for student loans. Out of these, 261,000 students have already received payments, covering both institutional fees and upkeep allowances.

He disclosed that if all pending applications were processed, NELFUND would be prepared to disburse ₦135 billion, affirming that the funds are readily available.

“We have the money and we are ready to disburse ₦135 billion if all applicants get processed.”

Edo Government Encourages Students to Apply

In support of the initiative, Edo State Commissioner for Education, Dr. Paddy Iyamu, pledged the state government’s commitment to ensuring students fully utilize the scheme.

“We want students across the state to apply so they can benefit. This is a highly laudable programme, and we will continue to remind tertiary institutions to encourage students to take advantage of this opportunity.”

Edo University Already Benefiting from NELFUND

The Acting Vice-Chancellor of Edo University, Prof. Dawood Egbefo, also commended the initiative, revealing that 51 students from the university have already benefited from ₦61.4 million in funding during the 2023/2024 academic session.

The NELFUND student loan scheme aims to ease the financial burden of education, ensuring that students, regardless of their financial background, have access to higher education without long-term financial strain.

As the program expands, stakeholders encourage more students to apply, take advantage of the interest-free loan, and contribute to the country’s educational and economic development.