According to Nigeria Education Loan Fund, NELFUND, when the Students Loan portal launches on May 24, 2024, only students from the federal government’s tertiary institutions will be eligible to apply initially. State-owned institution students will not be immediate beneficiaries of the scheme. During a press conference in Abuja, Akintunde Sawyerr, the Managing Director and Chief Executive Officer of the Fund, emphasised that students must have their institution’s data uploaded to the fund’s dashboard in order to be eligible for the loan.
Sawyerr clarified that the loan funds would be disbursed directly to the educational institutions attended by the beneficiary students and not to their personal accounts. He also mentioned that additional allowances would be provided to the beneficiaries each month to allow them to purchase items that enhance their educational experience and overall comfort. He announced that NEFUND is planning to launch a vocational program for students interested in gaining skills that are in line with their passion and that are in accordance with its mission.
Those interested in vocational skills will also benefit.
They are launching a program aimed at individuals seeking to obtain vocational skills or qualifications. Moving forward, he announced that this opportunity will extend to students from all government-run educational institutions. The terms of the loan require beneficiaries to repay the funds within two years of gaining employment, whether in the public sector, private sector, or through self-employment. Sawyerr mentioned that the fund would collaborate with Security forces to prevent students from misusing the program, suggesting that Security Agencies would identify and deal with individuals with malicious motives.
Announcing the launch of the Student Loan Program, the NELFUND is excited to begin accepting applications in line with the newly enacted Students Loan (Access to Higher Education) Act, 2024, which the President and Commander-in-Chief of the Armed Forces approved. President Bola Ahmed Tinubu’s administration introduced the key program as part of the Renewed Hope Agenda. This program aims to support students in need by offering financial aid, including obligatory fees and stipends. The goal is to remove the financial obstacles that stand in the way of these students pursuing their educational aspirations.
Only students whose institutions have submitted data will be eligible.
As it progresses, students attending federal universities, polytechnics, colleges of education, and technical colleges will have access to the Student Loan Programme application portal. This marks the beginning of the application process for eligible students whose institutions have finalised and submitted their students’ data. The simplified loan application procedure is now available for all qualified students attending federal universities, making it easier for them to access financial assistance. They can start their application process without delay.
In addition, they urge all students in federal schools to utilise this chance to obtain the necessary financial support for their education. He recommended that applicants submit their applications as soon as they can to ensure they are processed in a timely manner. He mentioned that NELFUND is dedicated to helping young Nigerians achieve their educational goals. He reiterated that education is an important Investment for the future and praised the student loan initiative created by Mr. President as evidence of this commitment.
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Lastly, this initiative plays a vital role in promoting social equality and bridging the gap between privileged and underserved communities. Education has the power to transform lives and break the cycle of poverty, and by offering financial support to students from diverse backgrounds, the program is promoting inclusivity and diversity in the Higher Education sector. Through this initiative, the government is demonstrating its commitment to creating a level playing field for all students, ensuring that talent and hard work are the primary factors determining success rather than financial constraints.