FG to Disburse N35 Billion in Student Loans to 70,000 Successful Applicants
The Nigerian Education Loan Fund (NELFUND) has finalized plans to disburse a total of N35 billion in fees and monthly upkeep allowances to 70,000 successful applicants who have already been approved for their loan applications.
Each applicant’s dashboard will display the verification process status leading up to final approval or denial, followed by the disbursement of funds.
Multiple agency sources confirmed that the fees for these 70,000 applicants, totaling N35 billion, will be paid directly to their respective institutions’ bank accounts. These fees include tuition fees and other miscellaneous charges such as departmental fees, laboratory fees, and health insurance fees.
An anonymous source clarified, “The payment of these fees totalling N35 billion will be disbursed this week, and disbursements will occur at the beginning of each session to different institutions to manage the funds effectively.”
Additionally, it was disclosed that NELFUND plans to provide a monthly upkeep allowance of N20,000 to each successful applicant throughout their student tenure, amounting to N240,000 annually. However, applicants must reapply annually as the loan is refundable and not a grant.
Furthermore, the upkeep allowance will be paid monthly regardless of whether the beneficiaries’ schools are in session, ensuring continuous support even during breaks.
Howbeit, sources revealed that an additional 50,000 applications are currently under evaluation for possible consideration in the second batch, predominantly from federal institutions. Upon verification of their student status and guarantor details, these applicants will also receive their fees and allowances promptly.
Meanwhile, NELFUND has announced plans to onboard applicants from state-owned tertiary institutions across all 36 states starting from Tuesday, 25 June. The agency will publish a comprehensive list of institutions that have successfully submitted their students’ data on the Student Verification System (SVS) portal by 24 June.
In a statement, Ayitogo emphasized, “The publication of this list aims to promote transparency and encourage equal access and participation in this critical scheme for both undergraduate applicants and tertiary institutions.”
NELFUND stressed that applicants must have their details included in their institution’s data set submitted to the NELFUND SVS for seamless verification and access to the fund.
