A Study of Students Loan Procedure in Selected Countries for Effective Implementation of Nigeria Education Loan Fund (NELF)

Abstract

Nigerian students’ loan board was created in 1972 to provide financial support to Nigerian students in different tertiary institutions.  The Nigerian Government reactivated the students loan scheme by passing a bill in 2023. It is therefore, necessary to examine the loan procedures in other countries for better implementation in Nigeria. This work examined the loan procedures from five selected countries. The intention was to extract relevant information on best practices and weaknesses of students’ loan scheme in those countries for effective implementation of the Nigeria Education Loan Fund (NELF). The work was based on secondary data; thus, information was collected from articles in journals, Books, internet and other related publications. The study revealed that most students loan scheme in Africa are faced with several problems such as difficulties to create credible loan board, identifying right loan beneficiaries, sustainability, reliable database, instituting an effective and efficient loan disbursement and loan recovery. The work thus provides suggestions on how to strengthen Nigeria Education Loan fund from information extracted from the study.