Mr. Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFUND), has announced that up to 1.2 million students across federal tertiary institutions will benefit from the student loan in its first phase.
Speaking ahead of the application portal’s opening on Friday, he mentioned that the initial phase will be available to students in federal institutions that have completed their data upload.
He emphasized that the loan application process has been simplified to ensure easy access for all eligible students in federal tertiary institutions. Prospective applicants can start their application process from May 24, 2024.
At a briefing on Monday, Mr. Sawyerr stated that the loan is available to all students in government tertiary institutions, and it will be rolled out in phases. The initial phase will cover federal institutions before extending to state institutions.
This initiative is a key element of President Bola Ahmed Tinubu’s Renewed Hope Agenda. It aims to provide financial assistance for obligatory fees and stipends to needy students, enabling them to pursue their educational goals without immediate financial stress.
The interest-free loan program offers flexible repayment options, starting two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment.
NELFUND will cover 100 percent of institutional fees directly to the institutions, while also providing monthly stipends to students based on the school session duration.
Some key features of the student loan include:
No physical contact between the loan applicant and NELFUND.
A user-friendly loan application portal.
Comprehensive online support to assist applicants.
Affordable and flexible repayment plans.
Mr. Sawyerr encouraged all students in federal institutions to take advantage of this opportunity to secure necessary financial assistance for their education, urging them to submit applications promptly for timely processing.
He also noted that they are collaborating with various insurance companies to handle cases of loan default and working with security agencies to address any instances of deliberate fraud.
The Act establishing the scheme does not require a Next of Kin or Collateral. However, institutions must upload and register students’ data for them to access the loan.
