FAVOUR ISHEMBER, Abuja
The Vice Chancellor of the University of Ibadan, Prof. Kayode Oyebode Adebowale, has warned students against taking the Student loan with the intention of not repaying it.
Adebowale made this caution during a strategic engagement with Nigerian Education Loan Fund (NELFUND) officials, university management, and students.
He urged students to utilize the loan scheme responsibly, emphasizing that failure to repay would impact future generations who may need the loan.
“Don’t apply for the loan with the mindset that you will take it and not pay back,” he said. “If you do that, future generations will not have the opportunity to take the loan.”
Adebowale described the loan scheme as a welcome development that provides opportunities for students to access university education.
He noted that many people in the past were unable to afford a university education, but with the loan scheme, the current generation is lucky to have access to such opportunities.
The Vice Chancellor also dispelled the notion that university education is free in other countries, stating that citizens often take loans to fund their education.
“I know that 75% of people here will say they want to japa, but do you know that university education there is not free?” he asked.
During the engagement, students requested that NELFUND officials ensure the timely disbursement of loans and upkeep allowances.
In response, the Director of Monitoring and Evaluation, NELFUND, Aliyu Mohammed, assured students that the Fund has introduced an automated system to ensure timely disbursement.
Mohammed promised that disbursements would be made within two weeks and that NELFUND would create a code for students to easily check their loan status.
He explained that the institutional loan is compulsory for those who need it, while the upkeep loan is optional, and that NELFUND would disburse loans directly to institutions for tuition fees and to students for upkeep.
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