The overall best graduating student of Ladoke Akintola University of Technology (LAUTECH), Olugbenga Oladepo, says his experience exploring foreign scholarship opportunities revealed that many of them are tied to institutional loans that attract interest, unlike Nigeria’s student loan scheme.

Mr Oladepo, who graduated with a Cumulative Grade Point Average (CGPA) of 4.89 in Electronics and Electrical Engineering, recently drew widespread attention on X (formerly Twitter) after sharing how support from the Nigerian Education Loan Fund (NELFUND) shaped his academic journey. His post sparked mixed reactions, with some questioning and others applauding the scheme’s impact.

Speaking during a conversation hosted by the President Bola Tinubu Media Centre on X, he said his initial doubts about the scheme, particularly fears of hidden charges and uncertain terms, eventually gave way to confidence after experiencing its benefits.

“From my experience exploring foreign scholarships, many involve institutional loans, often with interest. NELFUND, in contrast, is interest-free,” he said.

Financial relief at a critical time

According to Mr Oladepo, the NELFUND support came at a crucial stage of his academic journey, when the financial demands of his course, especially in 500 level, became overwhelming. “If I am being honest, 500 level was overwhelming,” he said.

He explained that he applied for the loan during his industrial training, a decision he described as necessary to stay afloat academically.

The intervention, he also noted, not only covered tuition through direct institutional payments but also provided a N20,000 stipend, which he and his younger brother, also a student at LAUTECH, relied on to meet basic needs, especially feeding.

“You cannot expect someone to study effectively when they are hungry. That support made a big difference,” he said.

Beyond meeting his immediate needs, Mr Oladepo said the scheme significantly eased the financial strain on his family. For months, he and his brother were able to support themselves without relying on their parents, who are farmers and pastors.

“If used properly, it reduces the financial burden on parents and guardians. In my case, for months, my younger brother and I did not need to ask our parents for money. They are doing their best under difficult conditions, so this support meant a lot,” he said.

Structure and accessibility

Mr Oladepo also highlighted the structure of the loan, particularly the direct payment of fees to institutions, which he said ensured continuity in students’ academic programmes even when disbursements were delayed.

According to him, this arrangement helped several students who had previously lost academic time due to unpaid fees to return and complete their studies.

While acknowledging that the loan must be repaid, he described the repayment structure as manageable, noting that only a fraction of a graduate’s salary, about 10 per cent, is deducted.

He further described the scheme as inclusive, contrasting it with many foreign scholarship programmes that prioritise exceptional academic performance.

“Whether you are a top student or not, even if you are in the pass range, you can apply,” he said.

Turning point in academic journey

Reflecting on his academic journey, Mr Oladepo said financial challenges had affected his early performance, particularly in his first year, when he tried to combine his studies with income-generating activities.

However, he said the support from NELFUND in his final year marked a turning point.

“I started with a 2:1 in my 100 level because I was trying to make money through various means. I did the ‘tap tap’, ‘tap swap’, Telegram bot, but nothing came out of it. That affected my performance.

“However, when NELFUND support came through in my 500 level, everything changed. I achieved a 5.0 in both semesters because I could fully focus on my academics without financial stress. I was truly amazed by the outcome,” he said.

He added that studying Engineering at LAUTECH requires full commitment, leaving little room for side jobs or alternative income sources.

Mr Oladepo expressed gratitude for the initiative, describing it as a vital support system that has helped many students remain in school, reduced pressure on parents, and improved academic outcomes.

He also commended the university management for ensuring that students benefit from the scheme.