Only students from federal institutions can access student loan in first phase, says FG
The maximum of 1.2 million students across federal tertiary institutions will access the students loan in the first phase, Mr Akintunde Sawyerr, the Managing Director of Nigerian Education Loan Fund (NELFUND), has explained.
Sawyerr, while speaking ahead of the Friday opening of the portal for applications, said the first phase will be officially open for students in federal institutions whose institutions have completed the uploading of their data.
Sawyerr also noted that the loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions, adding that prospective applicants can begin their application process effective from the 24th of May, 2024.
At a briefing on Monday, he said the loan is available to all students in government tertiary institutions, and it is going to be rolled out in phases, starting with federal institutions before getting to state institutions.
Sawyerr said 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 stipend) to needy students, enabling them to pursue their educational goals without the burden of immediate financial constraints.
He said the interest-free loan programme offers flexible repayment options, which commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment.
He said the Fund will pay 100 per cent of institutional fees directly to the institutions of learning while also providing stipends to the students monthly based on the time school is in session.
