Student loan commences Friday with tertiary institutions

Ahead of the opening of the student loan portal on Friday, Nigeria Education Loan Fund (NELFUND) has said it would commence with students in federal tertiary institutions.

This was disclosed as the handlers said only students, whose institutions had completed and uploaded their students’ data on its dashboard would be eligible to apply.

Managing Director/Chief Executive Officer of the Fund, Akintinde Sawyerr, stated this, yesterday, at a Pre-Application Sensitisation Press Conference in Abuja.

He said 1.2 million students from Federal Government-owned universities, polytechnics and colleges of education and technical colleges would benefit from the first phase of the scheme.

While calling on students in federal tertiary institutions to visit the website, to apply from May 24, the managing director said students in state universities and skills centres would apply at a later date.

He listed the requirements needed to apply as: Joint Admission and Matriculation Board (JAMB) admission letter, National Identity Number (NIN), Bank Verification Number (BVN) and completed application form from its website.

“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions.
“Applicants can access online support to assist with any questions or concerns during the application process.
“We believe that education is a vital investment for the future. We envisage that the student loan initiative of Mr President is a testament to this commitment,” he said.

One of the key features of the programme, according to him, is the absence of physical contact between the loan applicant and NELFUND.

He said the portal would provide a user-friendly interface for students to submit their loan applications conveniently.

He urged students in federal tertiary institutions to take advantage of the opportunity to secure needed financial assistance for their education, even as he urged applicants to submit their applications as soon as possible to ensure timely processing.

He said that in addition to the interest-free loan, applicants would also receive monthly stipends for upkeep.

He said: “The fees for the institution are going to be paid not to the students but to the institution. And that will be paid at the maximum of that fee per session. We will only pay a session at a time. Because people drop out of institutions, they change institutions.”

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