Revealed! Reps to investigate student loan disbursement, ask schools to refund tuition

• The House of Representatives has launched an probe into alleged mismanagement, diversion, and non-disclosure of pupil indebtedness disbursements nether the NELFUND
• Lawmakers besides ordered the refund of tuition fees to students who paid earlier the merchandise of the loans and urged NELFUND to follow precocious IT systems for amended verification and enforcement.
• The archetypal signifier of the strategy targets 1.2 cardinal students successful national institutions, with state-owned schoolhouse beneficiaries to beryllium announced later

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

In summation to non-compliance with the Student Loans Act of 2024, the House of Representatives has decided to analyse claims of mismanagement, non-disclosure, and diversion of pupil indebtedness disbursements.

According to the government, much than fractional a cardinal applicants person received implicit N54 billion. House of Representatives investigates pupil loans
Source: Getty Images

The House directed its committees connected university education, banking and different ancillary institutions, anti-corruption, and pupil loans, scholarships, and higher acquisition financing to analyse the contented and study backmost wrong 4 weeks.

Additionally, the Green Chamber ordered each post-secondary acquisition institutions to promptly reimburse students who paid their tuition fees anterior to the merchandise of loans from the Nigerian Education Loan Fund (NELFUND).

This follows a question raised during a caller plenary league by Aliyu Abdullahi, the subordinate representing the Ikara/Kubau constituency.

To guarantee fair, prompt, and transparent entree to interest-free loans for each Nigerian students seeking higher education, the Student Loans (Access to Higher Education) Act, 2024 was enacted. According to the government, much than fractional a cardinal applicants person received implicit N54 billion.

The National Orientation Agency (NOA) precocious reported that respective acquisition institutions and fiscal organisations conspired to delay, reroute, oregon conceal the disbursement of pupil loans nether NELFUND. The House took enactment of this information.

Examples of mismanagement and inadequate verification reported to the House see instances wherever tertiary institutions uploaded inflated tuition fees connected the NELFUND portal, cases of final-year students receiving loans aft graduation, and the disbarment of students from institutions contempt having paid their fees successful afloat to debar delays.

Lawmakers warned that without strict oversight and enforcement, these infractions mightiness spell unpunished, undermining nationalist spot successful the pupil indebtedness programme.

As a result, the House recommended that NELFUND deploy cutting-edge IT solutions to heighten verification processes and streamline strategy operations. Furthermore, the Lower Chamber urged NELFUND to notify the applicable authorities and enforce sanctions connected immoderate instauration recovered successful breach of the guidelines oregon the Act.

It is worthy recalling that the archetypal signifier of the pupil indebtedness programme includes 126 national post-secondary institutions, specified arsenic the University of Lagos, University of Benin, and the Federal College of Agriculture, Akure, among others.

This archetypal signifier of the pupil indebtedness is expected to payment 1.2 cardinal students. Photo Credit: Klaus Vedfelt
Source: Getty Images

Legit.ng has outlined the steps and requirements for applying for the loan. To apply, students indispensable supply their admittance letter, National Identification Number (NIN), and slope relationship details.

This archetypal signifier of the strategy is expected to payment 1.2 cardinal students from national government-owned universities, polytechnics, colleges of education, and method colleges. Beneficiaries from state-owned tertiary institutions volition beryllium announced successful owed course, according to the Nigerian Education Loan Fund (NELFUND).

NELFUND announces update to easiness pupil indebtedness application

Legit.ng reported that pursuing caller issues with pupil indebtedness applications, the Nigerian Education Loan Fund (NELFUND) has announced updates to easiness the indebtedness exertion process and forestall fraud by stakeholders.

NELFUND revealed plans to deploy IT teams to linked institutions crossed Nigeria and integrate 'Student Loan' straight arsenic a outgo enactment connected their portals.

Speaking astatine a stakeholders’ engagement league and method store connected NELFUND System Automation and Loan Application Processes, held connected Tuesday successful Abuja, the Managing Director of NELFUND, Akintunde Sawyerr, noted that the projected integration would destruct respective bottlenecks successful the pupil indebtedness exertion process.

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Source: Legit.ng