Over 1.2 Million Students To Benefit From Loan Scheme- NELFUND

The Managing Director and Chief Executive Officer of the Nigeria Education Loan Fund (NELFUND) Akintunde Sawyer has disclosed that students of state-owned institutions will not be immediate beneficiaries of the Students Loan.

Sawyerr who speaking at a pre-application sensitization press conference on Monday, in Abuja, stated that the scheme would take off with only students of federal government’s tertiary institutions.

He further stated that a maximum of 1.2 million students across the federal tertiary institutions will access the loan in the first phase.

“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,” he said.

The Fund’s CEO who stated that that only students whose institutions uploaded their data to the fund’s dashboard would be qualified to benefit from the loan, added that the loan application process has been streamlined to ensure access for eligible students.

“The first phase of the application portal for the Student Loan Programme will be officially opened on the 24th of May, 2024, for students in federal institutions such as universities, polytechnics, colleges of education, and technical colleges whose institutions have completed and uploaded their students’ data.

“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions. Prospective applicants can begin their application process effective from the 24th of May, 2024, immediately,” he said.

He explained however, that the loan would not be paid to the beneficiary account, but will be paid directly to the schools where the beneficiary students are studying.

Sawyerr noted that the beneficiaries will however received monthly stipends to assist them buy other things that can make them comfortable while pursuing their education.

He revealed that the NEFUND will soon begin a programme for those who want to acquire vocational skills or vocational qualifications.

He explained that the beneficiaries are expected to repay the loans two years after completing their National Youth Service Corps(NYSC), provided the individual has secured employment.

Sawyerr said the Fund would work with security agencies to ensure that students pay back when it is due, adding that those with criminal intentions would be fished out and dealt with by the security agencies.

He added that the Federal Government through the NELFUND is committed to supporting the educational aspirations of young Nigerians.

“In furtherance of the promulgation of the Students Loan (Access to Higher Education) Act, 2024, duly assented to by the President and Commander-in-Chief of the Armed Forces, the Nigerian Education Loan Fund (NELFUND) is pleased to announce the commencement of applications for the highly anticipated Student Loan Program.

“This initiative, a crucial component of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, is designed to provide financial assistance (obligatory fees and stipends) to needy students, enabling them to pursue their educational goals without the burden of immediate financial constraints,” he said.

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