…as Nelfund says all categories of students are eligible

President Bola Tinubu and Vice-Chancellor of the Federal University Oye-Ekiti, FUOYE, Prof. Abayomi Sunday Fasina, have appealed passionately to students of the University to urgently take advantage of the laudable opportunity to apply for loan to fund their education as made available in abundance through Nelfund.

President Tinubu and Prof. Fasina assured that provision has been made for all students who need the loan irrespective of their background.

They gave this assurance on Tuesday, during the sensitisation programme for the student loan facility held at the Faculty of Arts Annex lecture theatre on the main campus of the University.

Speaking through his Senior Special Adviser on Youths, Mr. Sunday Asefon, Tinubu said the loan facility is a fulfillment of his campaign promise to ensure that no indigent Nigerian youth drops out of the country’s tertiary institutions.

Asefon said: “During his campaign, when President Tinubu promised to eradicate the incidents of out-of-school children and Nigerian youths dropping out of various institutions, many people wondered how he would do it.

“But he is a technocrat who knows what he is doing. Today, he has brought the students’ loan and this is a testimony of keeping his promises.

“However, it is sad that many of our students from the South West are not applying for this loan. The good thing about this loan is that you would not pay any interest on it. You are refunding the exact amount you borrowed, and that is even when you are employed. The repayment starts two years after your youth corps service.

“If you knew the amount of money your parents pay back as loan from their salaries each month just to ensure they struggle to pay your fees, you will understand that this loan scheme is lifting a heavy burden off shoulders. So, l urge you as students; this administration has so many good things for you.

“I want to also specially appreciate you for not joining the enemies of progress who wanted to protest in August. This shows that you understand that the President Tinubu administration means well for you.“

Also encouraging the students to urgently apply for the loan especially as the new session, 2024/2025 is just kicking off, Prof. Fasina, who spoke through his Deputy Vice-Chancellor, Administration, Prof. Bolanle Opoola, said the students’ loan scheme is a laudable development and another form of bursary directly from the Federal Government for Nigerian youths in government-owned tertiary institutions.

The DVC said: “This is an opportunity not only for indigent students. There are those who cannot afford three square meals. Our Vice-Chancellor, Prof. Sunday Abayomi Fasina, had already started the student loan scheme even before the Federal Government loan scheme was launched.

“The VC made available a sum of six million Naira as loan for students fees since 2022. Now that this has come, it is like another Bursary coming directly from the Federal Government. So, we cannot but appreciate President Bola Ahmed Tinubu for this laudable scheme.

“He is doing very well as far as this is concerned and everyone is now being encouraged to go to school because the fear of not having money to pay for school fees would no longer be here.

“My message to all our students is to quickly assess the loan and meet with the representatives of Nelfund here in the University who is Mr. Ambali in the University Bursary. Also, meet with Mr. Teslim who is the Special Adviser to the VC on Students’ Affairs, and the Students’ Affairs Office, to assist them in applying for this loan.”

Also speaking to a cross-section of FUOYE students at the occasion, Nelfund’s Director of Stakeholders’ Engagement and Management, Mrs. Cartson said, “It is a loan that our President is giving you to support you wholesomely, help you further your education and become the wonderful leaders you wish to be in the future.

“Over 43,500 students have had their details uploaded on our portal presently for the current session and we are expecting many more. Nelfund is there for you to go online as a student and apply for a loan for your school fees, and you do not have to know any ‘big man’ in government or any staff of Nelfund to get your loan approved.

“The Nelfund site is also very user-friendly. Just go there and ensure that you have your evidence of admission letter and your JAMB registration numbers, and you are qualified. There is also a provision for pocket money for each student who applies.

“So, it is not only the payment of school fees that is made available for you. The stipend is paid directly into your personal accounts while your school fees are paid directly into your University’s accounts. You don’t have to pay right away, you start paying after two years of your NYSC and that is even if you have a job. It is also interest-free.

“Nelfund is a very good opportunity for you to stop losing sleep over your school fees. We have been giving money to universities. We have given 700 million, 800 million and so on. But you have to apply. I am sure you want your university also to be a partaker of the Nelfund largesse. It cannot happen overnight and we cannot work that magic; you have to apply. We are begging you to take advantage of this loan.

“The stipend for the year is N240,000 for each student that makes N20,000 every month and this is because the President understands that you have to eat while in school and he is giving this to cushion the harsh economic effects. So, please key into it. It is just an installment of 10% that you will pay back for each month from your salary when you are employed.

“For those who would be self-employed after their graduation, you would need to come to us and we would make arrangement for you to be making the 10% repayment to Nelfund.

“We want to give your institution the fund because we know your institution needs it. Direct entry students must regularise their admission for them to be eligible for the student loan. The loan is open to all students regardless of their background. You can apply as long as you need it. But know that it is a loan and not a grant. But if you do not need it, please do not take it so that those who really need it can have access to it.

“Part-time students can also apply in as much as you have the JAMB registration number. Nelfund has used N120,000 as default payment for school fees every session but your institution also makes adjustment to suit your fees when we send your list to them to verify; so it is not a problem if your fees is higher or lower than the default payment by Nelfund.

“Do not use Opay, Moniepoint, etc. as personal accounts when applying, use the conventional bank accounts such as Access, GTB, Wema, First Bank etc. as your account number for it to be possible to pay into.

“You could get repaid if you have borrowed and paid the fees before Nelfund pays your institution if your loan is approved. Your school can give you the refund from Nelfund. Please go on our social media pages. We promptly respond to you. Our addresses include X@nelfund, youtube@nelfund and instragram@nelrund,” she explained.