By Sulyman Pakoyi

|

The Nigerian Education Loan Fund (NELFund) has declared that employers of graduates who benefited from student loans are responsible for ensuring repayment.

Managing Director and CEO of NELFund, Mr Akintunde Sawyerr, stated that employers must deduct 10% of the beneficiaries’ salaries monthly and remit it to NELFund.

Speaking on a TVC news programme, Sawyerr clarified that the policy applies only to beneficiaries who secure employment two years after completing the one-year mandatory National Youth Service Corps (NYSC).

Giving details of the repayment process,

Sawyerr elaborated on the role of employers in ensuring that loans are repaid.

He explained that before hiring, employers are required to verify the candidate’s name and National Identification Number (NIN) in NELFund’s database.

“Two years after completion of their NYSC, there is a requirement for the loans to be paid back, but the requirement to pay the loan back is on the employer.

“Once confirmed, they must notify NELFund and begin deducting the required repayment from the employee’s salary.

“The deduction is 10% of the individual’s salary. At no point is the obligation on the individual to pay back themselves,” he stressed.

However, he noted that beneficiaries who are self-employed must handle their own repayment, while those who remain unemployed after NYSC are exempted.

Visiting NELFund website, The Hope found 477, 728 students have registered for the loan while 369,482 have applied.