NELFUND’S STUDENT LOAN SCHEME TO BEGIN FRIDAY WITH 1.2M BENEFICIARIES

The student loan program will commence on Friday, benefiting 1.2 million students in federal tertiary institutions nationwide. Akintunde Sawyerr, the managing director and CEO of the Nigeria Education Loan Fund (NELFUND), announced this during a pre-application sensitization press conference in Abuja on Monday.

Beneficiary Scope:

Sawyerr revealed that the first phase of the program would include 1.2 million students from federal universities, polytechnics, colleges of education, and technical colleges. Data from the National Universities Commission website shows that there are 226 federal tertiary institutions in the country, comprising 62 universities, 41 polytechnics, 96 monotechnics, and 27 colleges of education.

Program Details:

Addressing journalists, Sawyerr emphasized that the loan scheme currently targets students in federal institutions. “There are approximately 1.2 million students in federal tertiary institutions owned by the government. Today, by inference, 1.2 million students at the federal level will benefit, but there might be an opportunity to increase capacity with the inclusion of more institutions, including state-owned ones,” he stated.

Eligibility and Application:

Sawyerr explained that only students whose institutions have uploaded their data to the Fund’s dashboard are eligible to apply. He encouraged students in federal tertiary institutions to visit the website, www.nelf.gov.ng, to apply starting May 24. Students in state universities and vocational skills centers will be able to apply at a later date.

Application Requirements:

Applicants must provide their admission letter from the Joint Admissions and Matriculation Board, National Identity Number, and Bank Verification Number, and complete the application forms available on the website. Sawyerr assured that the loan application process is streamlined for easy access and that online support is available for any questions or concerns during the application process.

Program Vision:

“We believe that education is a vital investment for the future. The student loan initiative reflects Mr. President’s commitment to this belief,” Sawyerr stated. He highlighted that a key feature of the program is the absence of physical contact between loan applicants and NELFUND, ensuring a seamless and efficient process.

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