All is now set for the take off of Student loan program on May 24, 2024, with 1.2 million students in federal tertiary institutions across the country poised to benefit, according to Akintunde Sawyerr, Managing Director/CEO of the Nigeria Education Loan Fund (NELFUND).
During a pre-application sensitization press conference in Abuja , Sawyerr revealed that the initial phase would support students in federal universities, polytechnics, colleges of education, and technical colleges.
Data from the National Universities Commission indicates there are 226 federal tertiary institutions in Nigeria, including 62 universities, 41 polytechnics, 96 monotechnics, and 27 colleges of education.
President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3. This bill, passed by both the Senate and the House of Representatives, establishes the Nigerian Education Loan Fund as a body corporate to manage funds for providing loans to Nigerians for higher education, vocational training, and skills acquisition.
The Act empowers NELFUND to offer loans to qualified Nigerian students for tuition, fees, charges, and upkeep during their studies in approved public tertiary institutions and vocational training establishments. It also removes the family income threshold, allowing all students to apply for loans and take responsibility for repayment.
President Tinubu emphasized the importance of inclusivity in education, stating, “This is to ensure that no one, no matter how poor their background is, is excluded from quality education and the opportunity to build their future.”
Initially set to launch in September, the scheme faced delays due to President Tinubu’s directive to expand it to include vocational skills loans. Last Thursday, NELFUND announced that the portal for loan applications would officially open on May 24.
Addressing journalists on Monday, Sawyerr said, “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 by including more institutions. When state-owned institutions are added, the numbers can go up.”
Sawyerr explained that only students from institutions that have uploaded their data on NELFUND’s dashboard would be eligible to apply. He urged students in federal tertiary institutions to visit the website www.nelf.gov.ng to apply from May 24, noting that students in state universities and vocational skills centers could apply later.
To apply, students need their admission letter from the Joint Admissions and Matriculation Board, National Identity Number, Bank Verification Number, and completed application forms from the 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 for any questions or concerns during the application process,” Sawyerr said. “We believe that education is a vital investment for the future, and the student loan initiative of Mr. President is a testament to this commitment.”
One key feature of the program is the absence of physical contact between loan applicants and NELFUND, with a user-friendly portal interface designed to facilitate convenient submission of loan applications