The first phase of the Student Loan will be officially open for students in federal institutions whose institutions have completed the uploading of their data.
The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, said this during a press conference on Monday ahead of the opening of the portal for applications on Friday.
He disclosed that a maximum of 1.2 million students across federal tertiary institutions will access the student loan in the first phase.
While noting that the loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions, he said prospective applicants can begin their application process effective from the 24th of May, 2024.
Sawyerr said the loan is available to all students in government tertiary institutions and it is going to be rolled out in phases, starting with federal institutions before getting to state institutions.
“We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing,” he said.
He added that the initiative is a crucial component of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, designed to provide financial assistance (obligatory fees and stipend) to needy students, enabling them to pursue their educational goals without the burden of immediate financial constraints.
He said the interest-free loan programme offers flexible repayment options, which commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment.
Sawyerr said the Fund will pay 100 per cent of institutional fees directly to the institutions of learning while also providing stipends to the students monthly based on the time such school is in use.
He said some of the key features of the student loan include, No physical cointact between the loan applicant and NELFUND, a user-friendly Loan Application portal, comprehensive support where Applicants can access online support to assist and affordable and flexible repayment plans.
Sawyerr, however, pointed out that they were working with various insurance companies on where the loan goes bad and also working with security agencies in case there is a deliberate fraud.