The Federal Government has announced that the first phase of the Student Loan program will be officially open for students in federal institutions that have completed the uploading of their data.
Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund (NELFUND), made this announcement during a press conference on Monday, ahead of the portal’s opening for applications on Friday.
He disclosed that a maximum of 1.2 million students across federal tertiary institutions will access the student loan in the first phase.
Noting that the loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions, he said prospective applicants can begin their application process effective from the 24th of May, 2024.
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Sawyerr stated that the loan is available to all students in government tertiary institutions and will be rolled out in phases, starting with federal institutions before extending to state institutions.
“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,” he said.
He added that the initiative is a crucial component of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, designed to provide financial assistance (obligatory fees and stipends) to needy students, enabling them to pursue their educational goals without the burden of immediate financial constraints.
He mentioned that the interest-free loan program offers flexible repayment options, which commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment.
Sawyerr said the Fund will pay 100 percent of institutional fees directly to the institutions of learning while also providing stipends to the students monthly based on the time such school is in session.
Sawyerr stated that the loan is available to all students in government tertiary institutions and will be rolled out in phases, starting with federal institutions before extending to state institutions.
“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,” he said.
He added that the initiative is a crucial component of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, designed to provide financial assistance (obligatory fees and stipends) to needy students, enabling them to pursue their educational goals without the burden of immediate financial constraints
He mentioned that the interest-free loan program offers flexible repayment options, which commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment.
Sawyerr said the Fund will pay 100 percent of institutional fees directly to the institutions of learning while also providing stipends to the students monthly based on the time such school is in session.
He highlighted some 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 assistance.
– Affordable and flexible repayment plans.