Nigerian students who have benefited from the Nigerian Education Loan Fund (NELFUND) will start repaying the loan two years after completing their National Youth Service Corps (NYSC) program. Here are the key repayment guidelines:
- Employer Deductions: Employers are required to deduct 10% of the employee’s salary and remit it to NELFUND monthly.
- Self-Employed Individuals: Those who are self-employed will repay the loans themselves.
- Unemployed Individuals: Anyone unemployed after NYSC is under no obligation to repay the loans.
- Repayment Process: Employers will check the database using the employee’s name and NIN number, then contact NELFUND to start making deductions.
Currently, NELFUND only provides loans to students of public institutions, but President Bola Tinubu is considering extending it to private institutions in the future.
Source: Nairametrics
