1.2 million students to benefit from loan fund in initial phase — Official

By Sodiq Adelakun

The Nigerian Education Loan Fund (NELFUND) has announced that up to 1.2 million students in federal tertiary institutions will be eligible for student loans in the program’s initial phase.

This was revealed on Monday by the Managing Director of NELFUND, Akintunde Sawyerr, ahead of the formal launch of the application portal on Friday.

According to Sawyerr, students from federal institutions that have completed uploading their data will be able to apply for the loan in this first phase, which begins on May 24.

The application process has been streamlined to ensure ease of access for all qualified students in these institutions.

The NELFUND program is a key part of President Bola Tinubu’s administration’s Renewed Hope Agenda, aimed at providing financial support to needy students. The loan will cover obligatory fees and stipends, enabling students to pursue their academic goals without worrying about the financial burden.

 He also added that the Fund will pay 100 percent of institutional fees directly to the institutions of learning account while also providing stipends to the students monthly based on when school is in session.

He stressed the importance of some of the key features of the student loan including, No physical contact between the loan applicant and NELFUND, a user-friendly Loan Application portal, comprehensive support where applicants can access online support to assist and flexible repayment plans.

According to him, “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.”