Federal Government Initiates Student Loan Recovery Process Two Years Post-NYSC

• Federal Government initiates recovery process for NELFund beneficiaries after two years post-NYSC, providing a grace period for financial stability
• NELFund Executive Secretary announces March as the opening month for the fund portal, urging eligible students to register promptly

The Federal Government has announced the commencement of the recovery process for beneficiaries of the Nigeria Education Loan Scheme (NELFund) two years after completing the National Youth Service Scheme (NYSC).

Dr. Akintunde Sawyer, the Executive Secretary of NELFund, revealed this during an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.

Explaining the rationale behind the two-year grace period post-NYSC, Sawyer emphasized the importance of providing beneficiaries with sufficient time to secure employment and achieve financial stability before commencing repayment.

He further disclosed that the Federal Government has scheduled March as the official opening month for the NELFund portal, urging eligible students to register promptly to access the fund.

The initiative stems from President Bola Tinubu’s signing of the Access to Higher Education Bill into law on June 12, 2023. This legislation aims to facilitate disadvantaged students’ access to interest-free loans for pursuing education in Nigerian tertiary institutions.