Defaulters

Aware of the tendencies of some Nigerians to want to take undue advantage of government’s programmes, especially in the area of finance, ahead of the repayment, NELFUND has partnered with security and anti-graft agencies to ensure all repayments are made except for certain unforeseen circumstances such as death, critical ailments and few others.

The Fund has warned it would not hesitate in prosecuting defaulters or institute actions that will damage their credit score. Sawyerr said, “We will try to get as much information as possible of bona-fide students with good standing.

We will be working with security agencies to be sure they are not people that are trying to defraud us. Good character and intent is key, so, we will be following up with the students from time to time and we will be up to date with any misdemeanor any of them may be putting up with.

“Bad loans come in all shapes and sizes, not necessarily because they have bad intent. Some people die in the process, people have physical or mental illness that cannot make them carry on.

“With the law recognising debt forgiveness, we are looking at various insurance models so that when loans go bad we can protect tax payers money and also ensure more people can come on the screen.

“We are going to get people who are going to specifically target the loan and so we will be working quite closely with security agencies to track events of deliberate fraud.

We are going to use technology extremely to track, verify people to ensure nobody is out to defraud the Fund.

“If people have jobs or are self-employed and not remitting and are not telling us, they are liable to be charged for criminal prosecution because there are big red flags of bad loans.”

The manner in which Nigerians are wired, it is difficult to find financial and empowerment opportunities not taken advantage of and hijacked by politicians and some big wigs, thereby denying the poor, vulnerable and low income earners, in dire need of the intervention.

But the Executive Director, Finance and Administration of NELFUND, Dr Fred Femi Akinfala, aware of this tendencies, has allayed this fear, insisting that no student needs to have a godfather before accessing the loan.

Convinced the initiative would go down memory lane as one of the most revolutionary policies regarding tertiary education by the current administration in Nigeria, Akinfala noted that every student is deemed equal and eligible to access the loan, so long as their data has been provided by their respective institutions and they have met every other criteria.

Akinfale disclosed; “This is because the initiative, among other benefits, would help Nigerian students create a safe pathway from financial obstacles to attaining their educational pursuits.

The result will be that student retention and completion rates will increase, and so will the number of skilled talents in the economy. It is for this reason the management of NELFUND is committed to creating an open, fair, and transparent application process.

“The openness in the scheme’s administration means students can easily apply online, submit, and track a loan request through the same process, which means that there is nothing anyone, including officials of NELFUND, can do to manipulate the process for self-advantage.

“It must be stressed at this point that every eligible student is equal, and no one needs to have a ‘godfather’ or unique connections in society to access the loan.

‘‘Instead, what is essential is for an applicant to meet the laid down criteria.”

Private institutions

There have been several calls on government by unions, associations and parents to extend the student loan programme to students studying in private tertiary institutions.

The call has generated mixed reactions from several Nigerians. While some believe that parents of students in private tertiary institutions are financially capable to offset the fees of their children, others have insisted that government should not be discriminatory in its interventions, adding that equal opportunity should be given to all students;

whether in public or private institutions, since there is a flexible repayment process that also recognises payment even before the moratorium of two years after completion of NYSC elapses.

A member of the House of Representatives, Gboyega Isiaka, has maintained that Nigerian students in private tertiary institutions could utilise the provisions of section 6 of the law, covering school fees and maintenance.

“For those capable of sending their children to private schools, the need for such loans may be minimal. However, efforts are underway to develop plans for private education.”

Shortcomings

One of the major issues confronting the student loan programme is technological glitches, high expectations from parents and students, slow rate of compliance to directives and failure of some applicants to follow instructions.

Specifically, some of the challenges include; unverified JAMB number, inaccurate or unverifiable admission/matriculation number, poor internet connectivity, inability/failure to verify account via email and incorrect email address.

These have affected a good number of students seeking to enroll for the programme. Sawyerr while noting that some of the aforementioned challenges were bound to happen at one time or the other in the programme, however, noted that what was most important was the ability to address the challenges on time.

Endnote

From all indications, the task ahead the Nigeria Education Loan Fund in addressing the issue of educational inequality through equal access to educational financing to enable Nigerian students pursue their dreams and contribute to the nation’s collective progress, is not an easy one As more students from marginalised backgrounds access higher education through NELFUND, opportunities will be distributed more fairly to foster inclusive national socioeconomic development.

Following the endorsement of funds to successful applicants by NELFUND board, besides practical implementation, an all important undertaking that must not be buried underground, is robust monitoring and evaluation, this will ensure accountability of the programme and by extension, its sustainability.

While some Nigerians fear the programme would come crashing soonest, some others are confident that the intervention will chart a new course for a more equitable and just society.

To this end, they have urged government not to deter on its political will to sustain and expand the programme.

Please follow and like us: