The Nigeria Education Loan Fund has announced that students in federal tertiary institutions will be the first to use the Students’ Loan portal, which is scheduled to open formally this Friday.
This is in line with the Fund’s announcement that the only students who can apply are those whose schools have uploaded their data to its dashboard.
At a press conference for pre-application sensitization held in Abuja on Monday, Akintinde Sawyerr, the Fund’s managing director and chief executive officer, made this announcement.
He claimed that the first phase of the program would benefit 1.2 million students from universities, polytechnics, colleges of education, and technical colleges owned by the federal government.
The Managing Director stated that students in state universities and vocation skills centers would apply at a later time, while urging students in federal tertiary institutions to visit the website, www.nelf.gov.ng, to apply starting on May 24.
He stated that in order to apply, one must have the Joint Admission and Matriculation Board admission letter, a completed online application form, a National Identity Number, and a Bank Verification Number.
“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions.
“Applicants can access online support to assist with any questions or concerns during the application process.
“We believe that education is a vital investment for the future. We envisage that the student loan initiative of Mr. President is a testament to this commitment,” he said.
He emphasized that one of the program’s main characteristics is that there is no physical interaction between NELFUND and the loan applicant.
Read Also:
He claims that the portal offers students a convenient way to submit their loan applications thanks to its user-friendly interface.
While he urged applicants to submit their applications as soon as possible to ensure timely processing, he also encouraged students in federal tertiary institutions to take advantage of this opportunity to secure the necessary financial assistance for their education.
He disclosed that recipients will receive monthly maintenance stipends in addition to the interest-free loan. Nevertheless, he said, “That figure will be capped,” without specifying the amount.
We will carefully review each application and determine the fees to be paid to the applicants based on a number of criteria.
“The fees for the institution are going to be paid not to the students but to the institution.
And that will be paid at the maximum of that fee per session. We will only pay for a session at a time. Because people drop out of institutions, they change institutions.”
The head of NELFUND further emphasized that institutions are essential in giving the Fund information about fees that students must pay at the university, departmental, faculty, and other levels.
According to Sawyerr, the organization collaborates with security organizations to make sure that individuals don’t take advantage of and scam the system.
The Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, was signed into law by President Bola Tinubu last month on the condition that no student, regardless of background, would be denied the chance to build his future.
The Act gives the Nigeria Education Loan Fund the authority to lend money to eligible Nigerian students to cover their tuition, fees, charges, and living expenses while they are enrolled in recognized public postsecondary institutions and vocational schools.
The Family Income Threshold is eliminated by the new law that repeals the Student Loan Act, 2023, enabling Nigerian students to apply for these loans and accept repayment obligations in accordance with the Fund’s guidelines.
