Last Updated on May 23, 2024 by Timileyin Awogbade
The Nigeria Education Loan Fund has announced that students in federal tertiary institutions would be the first to use the Students’ Loan portal, which is scheduled to launch formally on Friday.
This is in line with the Fund’s announcement that the only pupils who can apply are those whose schools have uploaded their data to its dashboard.
At a press conference for pre-application sensitization held in Abuja on Monday, Akintinde Sawyerr, the Fund’s managing director and chief executive officer, made this announcement.
He claimed that the first phase of the program would assist 1.2 million students from universities, polytechnics, institutes of education, and technical colleges owned by the federal government.
He stated that to apply, one must have the Joint Admission and Matriculation Board admission letter, a completed online application form, a National Identity Number, and a Bank Verification Number.
To make sure that all qualified students in federal postsecondary institutions have simple access, the loan application procedure has been shortened.
During the application process, applicants can get online help for any queries or issues they may have.
“We think investing in education is essential for the future. We hope that Mr. President’s student loan program serves as evidence of this dedication,” he stated.
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While he asked applicants to submit their applications as soon as possible to ensure timely processing, he also encouraged students in federal higher institutions to take advantage of this chance to acquire the necessary financial help for their studies.
He disclosed that recipients will receive monthly maintenance stipends in addition to the interest-free loan.
“The institution will get the fees; the students will not receive payment for them.
And the whole amount of that session cost will be paid for that. We’ll only cover one session at a time financially. People switch institutions because they leave existing ones.
The head of NELFUND further emphasized that institutions are essential in giving the Fund information on fees that students must pay at the university, departmental, faculty, and other levels.
According to Sawyerr, the organization collaborates with security organizations to make sure that individuals don’t take advantage of and scam the system.
The Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, was signed into law by President Bola Tinubu last month on the condition that no student, regardless of background, would be denied the chance to create his future.
The Act gives the Nigeria Education Loan Fund the authority to lend money to eligible Nigerian students to cover their tuition, fees, charges, and living expenses while they are enrolled in accredited public postsecondary institutions as well as establishments for skill development and vocational training across the nation.
The Family Income Threshold is eliminated by the new law that repeals the Student Loan Act, 2023, enabling Nigerian students to apply for these loans and accept payback obligations per the Fund’s standards.
Timileyin Awogbade
Timileyin Awogbade is a journalist, seasoned copywriter, expert editor, and experienced content creator at Dailylight Channel with over 5 years of experience in writing, content strategy, and SEO.