The Nigerian Education Loan Fund (NELFUND) has decided to provide 70,000 candidates who have previously been successful in their loan applications with a total of N35 billion in fees and monthly maintenance allowances(upkeep).
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The 120,000 applicants who submitted their applications by Friday, June 21st, were selected from the pool of successful applicants, who are students at higher institutions nationwide that are owned by the federal government.
According to reliable sources, the selected applicants can monitor their application status by visiting their dashboards on the NELFUND website.
From the NELFUND's spokesman Nasir Ayitogo for clarification, he stated he could neither confirm nor reject the information; nonetheless, additional well-placed sources within the agency verified the development.
But Mr. Ayitogo insisted that the organization was making every effort to fulfill its mission of making impoverished Nigerian students smile. He added that the students are excited to take advantage of the program, which President Bola Tinubu has endorsed.
According to the sources, every applicant's status should demonstrate the verification procedures followed all the way up to approval or denial and the actual distribution of cash.
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Details about Student Loan disbursement and distribution
Various applicants will have their institution fees transferred straight into the bank accounts of their respective institutions, according to different sources within the FUND.
These sources state that the fees to be paid will be the total amount of money that students owe for their courses, which may include additional fees for departmental levies, lab costs, health insurance, and other miscellaneous expenses.
One of the sources, who wishes to remain anonymous due to not having the right to comment, stated: "It is evident that the total costs paid for the 70,000 applications came to N35 billion, and that cash would be disbursed this week.
"A monthly allowance (upkeep) for their maintenance will also be provided to the applicants."
According to the sources, school fees will only be paid to various schools at the start of each session, "to ensure that the funds aren't utilized all at once.
"A monthly stipend of N20,000.
NELFUND has finalized arrangements to pay N20,000 per month to all successful applicants for each year of their studentship, sources have also verified.
According to a second source, "This amount will total N240,000 per year, but the applicant will have to reapply because it is a refundable loan and not a gift."
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The source made it clear that the beneficiaries would receive the N20,000 upkeep stipend each month to help with their maintenance even while they are at home, regardless of whether their schools are in session.
Additional applications are being reviewed.
The sources stated that the agency receives an average of 1500 applications every day and verified that 50,000 more applications are now being reviewed for potential consideration.
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"These fifty thousand applications are for the second round of applicants from the federal universities that are under consideration at this time.
Their fees and allowances will be paid as soon as the verifications of their information—including their studentship and the details of their guarantors, among other things—are validated.
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