NELFUND Plans to Limit Student Loan Access for Some Courses

NELFUND Plans to Limit Student Loan Access for Some Courses

The Nigeria Education Loan Fund (NELFUND) has announced that the interest-free student loans offered by the federal government will soon be revised, with certain courses likely to be excluded from eligibility. This change, according to NELFUND Managing Director, Akintunde Sawyerr, is aimed at aligning loan distribution with the country’s development needs.

Speaking at a virtual conference organized by The Renewed Hope Global, titled ‘Student Loan Masterclass: Why, What, and How?’ Sawyerr explained that the fund is focusing on funding courses that address national priorities, particularly those that provide practical skills to contribute to the country’s growth. He emphasized that while loans have been available to students in all courses, the fund is moving toward prioritizing fields that offer greater employment opportunities and economic value.

“At the moment, all courses are treated the same, because we are providing loans to students in their 300 and 400 levels, and we do not want to discriminate,” Sawyerr said. “However, there are certain fields that are more aligned with the country’s needs, such as engineering and medical courses, which are more practical and essential for our development.”

Sawyerr further noted that while certain courses, such as language studies, may be deemed less critical to the nation’s development, the fund is still open to supporting courses that provide skills that are exportable, with graduates able to contribute to the global economy and remit funds back to Nigeria.

Since its inception, NELFUND has provided loans to 335,000 students across 127 tertiary institutions. However, the fund now seeks to ensure that the loans are directed toward fields that are critical for Nigeria’s growth and national development.