The Nigerian Education Loan Fund (NELFUND) has announced that up to 1.2 million students across federal tertiary institutions will be the first to access the new student loan program.
Speaking ahead of the portal opening for applications on Friday, Managing Director Mr. Akintunde Sawyerr revealed that the initial phase is reserved for students from federal institutions that have completed their data uploads.
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Mr. Sawyerr emphasized that the loan application process has been streamlined for easy access for all eligible students in federal tertiary institutions. Prospective applicants can start their applications on May 24, 2024.
In a briefing on Monday, Mr. Sawyerr explained that the loan is available to students in government tertiary institutions and will be rolled out in phases, beginning with federal institutions before extending to state institutions.
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This initiative is part of President Bola Ahmed Tinubu’s Renewed Hope Agenda, aiming to provide financial assistance for needy students to pursue their education without immediate financial constraints.
The interest-free loan program offers flexible repayment options, starting two years after the completion of the National Youth Service Corps (NYSC), contingent on the individual securing employment.
NELFUND will cover 100% of institutional fees directly to the learning institutions and provide monthly stipends to students during the academic session.
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Key features of the student loan include:
– No physical contact required between applicants and NELFUND.
– A user-friendly loan application portal.
– Comprehensive online support for applicants.
– Affordable and flexible repayment plans.
Mr. Sawyerr encouraged students in federal institutions to apply early to ensure timely processing.
He also mentioned collaboration with insurance companies and security agencies to address potential loan defaults or fraud.
The scheme’s enabling Act requires no next of kin or collateral. However, institutions must upload and register their students’ data to facilitate access to the loan.
“We urge all students in federal institutions to seize this opportunity for financial assistance to support their education,” said Mr. Sawyerr.
