Managing Director /CEO of NELFUND, Mr. Akintunde Sawyerr (Middle) poses for a picture alongside two other senior officials of the organisation after the press conference on Monday in Abuja.
By Felix Khanoba
The Nigerian Education Loan Fund (NELFUND) says the first phase of the application portal for the highly anticipated student loan programme will be officially opened on May 24, 2024.
The Managing Director /Chief Executive Officer of NELFUND, Mr. Akintunde Sawyerr, made this known at the student loan pre-application sensitization press conference on Monday in Abuja.
He said about 1.2 million students in federal-owned universities, polytechnics, colleges of education, and technical colleges whose institutions have completed and uploaded their data are eligible to apply for the interest-free loan.
“There are approximately 1.2 million students in federal tertiary institutions owned by the government. Today,by inference, 1.2 million students maximum at the federal level (will benefit), but there might be an opportunity to increase the capacity in terms of more institutions, and when we begin to bring in state-owned institutions, then the numbers can go up,” Sawyerr said.
While saying the loan initiative is a crucial component of the Renewed Hope Agenda of President Bola Tinubu’s administration, the NELFUND boss called on eligible students to take advantage of the scheme to pursue their educational goals without the burden of immediate financial constraints.
“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions. Prospective applicants can begin their application process effective from the 24th of May, 2024, immediately.
Key Features of the Student Loan Programme:
- No physical contact between the loan applicant and NELFUND
- User-Friendly Loan Application portal: The site simplifies applying for a student loan with an intuitive design that allows applicants to navigate the process quickly.
- Comprehensive Support: Applicants can access online support to assist with any questions or concerns during the application process.
- Affordable and Flexible Repayment Plans: This interest-free loan program offers flexible repayment options, which commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment, ” Sawyerr said.
On the steps laid down to access the loan, the NELFUND’s Chief Executive said eligible students should: “1. Log into the portal: The loan application portal is available on the NELFUND website (www.nelf.gov.ng). Log on to the Students Loan portal on the website.
- Create an Account: On the loan portal, create an account or log in using your existing credentials if you have created an account before.
- Documents Required: Applicants will require the following documents to complete their loan application:
– Joint Admissions and Matriculation Board (JAMB) admission letter
– National Identification Number (NIN)
– Bank Verification Number (BVN) - Complete the Application: Fill out the required information, including personal details, academic information, and financial need.
- Submit Your Application: Review your application thoroughly before submission. Once submitted, you will receive a confirmation email with further instructions.
“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, however, advised individuals who might be prompted by a fraudulent motive to access the loan to stay away from the scheme, as such persons will be tracked by relevant security agencies.
“We are working with security agencies to make sure the beneficiaries are not those that will defraud the system,” Sawyerr said.
