Student loan: How beneficiaries without jobs can notify FG

The Nigerian Education Loan Fund has outlined steps unemployed student loan beneficiaries must follow if they remain without jobs two years after completing the National Youth Service Corps programme.

According to PUNCH, affected beneficiaries must formally notify NELFUND of their unemployment through a sworn court affidavit every three months.

“The loan is due for repayment 2 years after the completion of NYSC,” NELFUND stated.

The Fund added: “The beneficiary should notify NELFUND by sworn court affidavit every 3 (three) months after two years post NYSC if still unable to gain employment.”

Beneficiaries must continue submitting the affidavits every three months while unemployed and update NELFUND once they secure employment.

NELFUND said employed beneficiaries will have 10 per cent of their salaries deducted at source by employers.

“Self-employed beneficiaries are required to remit 10% of their monthly profit to the Fund.”

2Beneficiaries were also advised to keep their employment information updated to ensure the appropriate repayment arrangement applies.