Students of Moshood Abiola Polytechnic (MAPOLY) in Abeokuta have begun receiving credit alerts from banks for the student loans they applied for, the institution’s Rector, Dr. Adeoye Odedeji, has disclosed.
Speaking during the inauguration of newly elected members of the institution’s Students’ Union Government on Friday in Abeokuta, Odedeji explained that the loans from the Nigeria Education Loan Fund were received by the institution on behalf of the students to pay their school fees.
However, the Rector expressed concern that the majority of the students had not taken advantage of the student loan opportunity offered by the Federal Government. Out of 11,000 data entries sent to NELFUND, only 81 students from the institution registered and applied, and after screening, 26 students were found to be qualified.
Odedeji urged students to make use of the initiative, stating that it was designed to relieve them of the stress of urgently seeking funds for school fees. “I strongly believe the opportunity is still available, and they should go and apply for this loan,” he said.
The Rector revealed that the 26 students who were found qualified had already started receiving alerts for the payment of their school fees. “That means those students’ school fees for the next session have been covered,” he said. “In due course, NELFUND will credit their bank accounts with a maintenance allowance, which will not be paid to the school.”
In his remarks, the new SUG President, Prosper Oladele, assured students that he would represent them effectively and without compromise. Odedeji also assured that the school management and students would continue to work together for the overall growth of the institution.
The student loan initiative is expected to alleviate the financial burden on students and enable them to focus on their studies without distractions. With the loan, students can now access funds to pay their school fees and maintain themselves while in school.
