Only Those From Federal Institutions Can Access Student Loan Immediately – FG

The first phase of the student loan program would be available to a maximum of 1.2 million students across federal tertiary institutions, according to Mr. Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND).

Speaking ahead of the portal’s formal launch for applications on Friday, he stated those students enrolled in federal colleges whose institutions have finished uploading their data would be able to use it in its initial phase.

He stated that potential candidates can start the application process as early as May 24, 2024, but stressed that the loan application process has been simplified to provide simple access for all qualified students in government postsecondary institutions.

He stated during a Monday briefing that the loan is open to all students enrolled in government-run postsecondary educational institutions and would be implemented gradually, beginning with federal universities and moving on to state institutions.

According to Sawyerr, the program is an essential part of President Bola Ahmed Tinubu’s administration’s Renewed Hope Agenda. Its purpose is to give needy students financial support (obligatory fees and stipend) so they can pursue their academic objectives without having to worry about sudden financial hardships.

According to him, the interest-free loan program provides various repayment alternatives that start two years after the participant completes the National Youth Service Corps (NYSC), if that person has found work.

According to him, the Fund would give students monthly stipends contingent on the length of time classes are in session in addition to paying all institutional expenses directly to educational institutions.

Some of the salient aspects of the student loan, according to him, are: no face-to-face interaction between the loan applicant and NELFUND; an easy-to-use loan application portal; extensive support, including online resources for applicants to seek assistance; and flexible and reasonably priced repayment plans.

“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. [CONTINUE READING HERE]