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Only Applicants From Federal Institutions Can Access Student Loan For Now – FG

By May 21, 2024, 05:03 am48

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President Bola Tinubu’s administration has introduced a pioneering student loan program designed exclusively for students attending public universities and polytechnics for now.

The Nigerian Education Loan Fund (NELFUND) Managing Director, Mr. Akintunde Sawyerr, made this known, stating that the first phase of the student loan program will accommodate approximately 1.2 million students nationwide.

He added that the first phase of the student loan program will cater to approximately 1.2 million students attending federal tertiary institutions. Starting May 24th, eligible students can access the portal at www.nelf.gov.ng to submit their loan applications.

Mr. Akintunde Sawyerr, emphasized that the initial phase is exclusive to federal institutions. However, the program will eventually expand to state universities and vocational skills centers in subsequent phases.

He added that the interest-free program offers flexible repayment options, which start two years after completing the National Youth Service Corps (NYSC), provided the borrower has secured employment. Direct payment of 100% of institutional fees will be made to the educational institutions, and students will receive monthly stipends based on their school schedule.

Sawyerr also highlighted that the application process is user-friendly and online, with comprehensive support available on the portal at www.nelf.gov.ng.

“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 said.

He also announced partnerships with insurance companies and security agencies to ensure the integrity of the student loan program. He added that these collaborations aim to mitigate potential loan defaults and prevent fraudulent activities.

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