As the Nigeria Education Loan Fund (NELFUND) prepares to open the Students’ Loan portal this Friday, it has announced that the initial beneficiaries will be students enrolled in federal tertiary institutions. This decision comes with the stipulation that only students from institutions that have uploaded their data to the NELFUND dashboard will be eligible to apply.
Akintinde Sawyerr, the Managing Director/Chief Executive Officer of NELFUND, revealed during a Pre-Application Sensitisation Press Conference in Abuja that the first phase of the scheme will benefit 1.2 million students from federal universities, polytechnics, colleges of education, and technical colleges.
Students are encouraged to visit the website, www.nelf.gov.ng, to apply starting May 24. State university and vocational skills center students will be able to apply at a later date. Requirements for application include the Joint Admission and Matriculation Board admission letter, National Identity Number, Bank Verification Number, and a completed application form from the website.
Sawyerr emphasized that the loan application process is designed to be straightforward, with online support available to assist applicants. The process is fully online to ensure no physical contact between applicants and NELFUND, aiming to streamline and simplify access.
Additionally, Sawyerr mentioned that the program includes monthly stipends for upkeep, though the exact amount was not disclosed. He noted that the loan will cover fees paid directly to institutions per session and that institutions are responsible for providing data on fees payable.
Security measures are being put in place to prevent fraud, and the fund is working closely with security agencies. President Bola Tinubu, who signed the Student Loans (Access to Higher Education) Act into law last month, emphasized that the initiative aims to ensure no student is denied educational opportunities due to financial constraints. The Act empowers NELFUND to provide loans for tuition, fees, and upkeep for students in public tertiary institutions and vocational establishments, removing the previous family income threshold for applicants.