Only those from Federal Institutions can access Student Loan immediately – FG

In a landmark move to support higher education, the Nigerian Education Loan Fund (NELFUND) is set to roll out its highly anticipated student loan program, aiming to benefit up to 1.2 million students in federal tertiary institutions. The program will officially open for applications on Friday, May 24, 2024.

Managing Director of NELFUND, Mr. Akintunde Sawyerr, announced that the initiative marks a significant stride in the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration. The loan scheme is tailored to alleviate financial barriers for students, providing coverage for obligatory fees and stipends to ensure that no student is left behind due to financial constraints.

“This loan program is a game-changer for students in federal institutions,” said Sawyerr. “We have streamlined the application process to be fully digital, ensuring easy access and efficient processing. Our goal is to make sure every eligible student can pursue their educational dreams without the immediate burden of financial worries.”

Key features of the loan include:

Interest-Free Loans: Flexible repayment options that commence two years after completing the National Youth Service Corps (NYSC), contingent on securing employment.

Direct Payment to Institutions: NELFUND will cover 100% of institutional fees directly, alongside providing monthly stipends based on the academic calendar.

Hassle-Free Application: A user-friendly portal with comprehensive online support, eliminating the need for physical interactions with NELFUND.

No Collateral or Next of Kin Required: Simplified eligibility criteria focused on ensuring broad accessibility.

Sawyerr emphasized the importance of early application to ensure timely processing and urged all students to seize this opportunity. He also highlighted collaborations with insurance companies and security agencies to safeguard against potential fraud and ensure the program’s integrity.

“This initiative is not just about financial aid; it’s about empowering the future leaders of Nigeria,” Sawyerr concluded. “We are committed to supporting our students every step of the way.”

As the portal prepares to go live, federal institutions are urged to expedite the uploading of their students’ data, ensuring a seamless start to this transformative program.