Ahead of the formal opening of the Students’ Loan portal this Friday, the Nigeria Education Loan Fund (NELFUND) has announced that it will commence the loan scheme with students in federal tertiary institutions.
Managing Director/Chief Executive Officer of the Fund, Akintinde Sawyerr, stated this on Monday during a Pre-Application Sensitisation Press Conference in Abuja.
Sawyerr highlighted that only students whose institutions have uploaded their data on the Fund’s dashboard will be eligible to apply.
The first phase of the scheme will benefit 1.2 million students from federal government-owned universities, polytechnics, colleges of education, and technical colleges.
Sawyerr urged students in federal tertiary institutions to visit the website, www.nelf.gov.ng, to apply from May 24. Students from state universities and vocational skills centres will be able to apply at a later date.
To apply, students need to provide their Joint Admission and Matriculation Board admission letter, National Identity Number, Bank Verification Number, and a completed application form available on the website.
“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,” said Sawyerr.
A key feature of the programme is the absence of physical contact between the loan applicant and NELFUND. The portal provides a user-friendly interface for students to submit their loan applications conveniently. Sawyerr encouraged students to apply promptly to ensure timely processing.
In addition to the interest-free loan, applicants will also receive monthly stipends for upkeep. However, Sawyerr did not specify the amount, stating: “That figure will be capped. We will look very closely at each application and make a decision based on several factors as to what fees will be paid to them.
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.”
He also emphasized that institutions must provide NELFUND with data on fees payable by students at different levels. The agency is working with security agencies to prevent fraud and ensure the integrity of the application process.
President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law last month.
The Act empowers NELFUND to provide loans to qualified Nigerian students for tuition, fees, charges, and upkeep during their studies in approved public tertiary institutions and vocational and skills acquisition establishments in the country.
The new law, which repeals the Student Loan Act, 2023, removes the family income threshold, allowing more Nigerian students to apply for these loans and accept responsibility for repayment according to the Fund’s guidelines.
