As the Nigeria Education Loan Fund prepares to launch the Students’ Loan portal this Friday, it has been announced that the initial beneficiaries will be students attending federal tertiary institutions.

Federal Institutions First to Benefit from Student Loans, Says FG

The Fund has clarified that eligibility for the loan is contingent on whether the students’ institutions have uploaded their data to its dashboard. This was confirmed by the Managing Director/Chief Executive Officer of the Fund, Akintinde Sawyerr, during a Pre-Application Sensitisation Press Conference held in Abuja on Monday.

Sawyerr revealed that the first phase of the loan scheme will benefit 1.2 million students from federal universities, polytechnics, colleges of education, and technical colleges. He encouraged students from these institutions to visit the website, www.nelf.gov.ng, to apply starting from May 24. Students from state universities and vocational skills centers will be eligible to apply at a later stage.

To apply, students need to provide several documents including their Joint Admission and Matriculation Board (JAMB) admission letter, National Identity Number (NIN), Bank Verification Number (BVN), and a completed application form available on the Fund’s website.

“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions,” Sawyerr stated. He added that applicants can access online support for any questions or concerns during the application process. “We believe that education is a vital investment for the future. The student loan initiative by Mr. President is a testament to this commitment.”

A notable feature of the program is the elimination of physical contact between loan applicants and the Nigeria Education Loan Fund (NELFUND). The portal provides a user-friendly interface for students to conveniently submit their loan applications.

Sawyerr urged students to take advantage of this opportunity to secure financial assistance for their education. He also advised applicants to submit their applications promptly to ensure timely processing. Besides the interest-free loan, applicants will also receive monthly stipends for upkeep, though the exact amount was not disclosed. “That figure will be capped. We will look very closely at each application and make a decision based on several factors as to what fees will be paid to them,” he said.

He further explained that the tuition fees will be paid directly to the institutions, not to the students, and will be disbursed one session at a time to accommodate any changes in students’ enrollment status.

Sawyerr highlighted the importance of institutions providing accurate data on fees payable by students at various levels to the Fund. He also mentioned that the agency is collaborating with security agencies to prevent fraud and abuse of the process.

Last month, President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law. This Act empowers the Nigeria Education Loan Fund to provide loans to qualified Nigerian students for tuition, fees, charges, and upkeep during their studies in approved public tertiary institutions and vocational and skills acquisition establishments in the country. The new law, which repeals the Student Loan Act, 2023, removes the family income threshold, allowing all Nigerian students to apply for these loans and accept responsibility for repayment according to the Fund’s guidelines.

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