Managing Director of Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has revealed that students enrolled in federal tertiary institutions whose institutions have finished uploading their data would be able to apply for the first phase of student loans.
President Tinubu on April 3 signed into law the bill on the scheme in line with his electoral promise that no Nigerian student would drop out of school on account of lack of funds.
Speaking ahead of the portal’s formal launch for applications on Friday, Sawyerr added that a maximum of 1.2 million students across federal tertiary institutions will access the loans in its opening phase.
Sawyerr stated that potential candidates can start the application process as early as May 24, but stressed that the loan application process has been simplified to provide simple access for all qualified students in federal tertiary institutions.
According to Sawyerr, the program is part of President Bola Tinubu’s Renewed Hope Agenda.
Its purpose is to give needy students financial support (obligatory fees and stipends) to pursue their academic objectives without worrying about the financial burden.
He also added that the Fund will pay 100 percent of institutional fees directly to the institutions of learning account while also providing stipends to the students monthly based on when school is in session.
The NELFUND boss stressed the importance of some of the key features of the student loan including, No physical contact between the loan applicant and NELFUND, a user-friendly Loan Application portal, comprehensive support where applicants can access online support to assist and flexible repayment plans.
He said: “We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing.”
REPORTERS AT LARGE reported that the Federal Government, through the Nigerian Education Loan Fund, announced May 24, 2024, as the official date for “the opening of the portal for student loan applications.”
The media lead for the NELFund, Nasir Ayantogo, announced this in a statement.
