Student loan: Beneficiaries to begin repayment two years after NYSC 

Student loan: Beneficiaries to begin repayment two years after NYSC

The Federal Government has stated that beneficiaries of the Nigeria Education Loan scheme would begin repayment two years after their National Youth Service Scheme (NYSC).

This was disclosed by the Executive Secretary, NELFund, Akintunde Sawyer, in an interview with the News Agency of Nigeria (NAN) in Abuja, on Thursday, March 7.

Sawyer partly said: “The law provides that for students who go into paid employment, repayment will be two years after NYSC, but that does not mean that they cannot pay back before that time.

“However, if they don’t have a job two years after NYSC, we cannot compel them to pay. Where are they going to get the money from? So, we will help them and wait for them to be able to pay.

“There will be a register of those who have taken the loan and employers will have access to that register and see who has a loan.

“Once they see who has a loan, when they are employing the individual, they will be obliged through the payroll system to refund 10 per cent of the earnings of that individual back to the fund.”