Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND), has announced that up to 1.2 million students in federal tertiary institutions will be eligible for student loans in the program’s initial phase.
Speaking ahead of the formal launch of the application portal on Friday, Sawyerr explained that students from federal institutions that have completed uploading their data will be able to apply in this first phase. The application process will open on May 24 and has been streamlined to ensure ease of access for all qualified students in these institutions.
According to Sawyerr, the program is an essential part of President Bola Tinubu’s administration’s Renewed Hope Agenda.
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Its purpose is to give needy students financial support (obligatory fees and stipends) so they can pursue their academic objectives without worrying about the financial burden.
He also added that the Fund will pay 100 percent of institutional fees directly to the institutions of learning account while also providing stipends to the students monthly based on when school is in session.
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He stressed the importance of some of the key features of the student loan including, No physical contact between the loan applicant and NELFUND, a user-friendly Loan Application portal, comprehensive support where applicants can access online support to assist and flexible repayment plans.
He said: “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.”
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