The Nigerian government has decided that only students attending Federal Universities are presently qualified to participate in the new student loan initiative, which is expected to roll out in stages.
Akintunde Sawyerr, the managing director of the Nigeria Education Loan Fund (NELFUND), made this clear yesterday, Monday during a conference in Abuja.
He announced, “We are gearing up to launch a provision for vocational skills acquisition but initially, the loan program is exclusively accessible to students from federal education institutions at all levels. It will eventually be available to students from all governmental institutions.”
This update comes close on the heels of the announcement regarding the forthcoming activation of the student loan portal.
Sawyerr explained that the loan scheme could cover up to 1.2 million students enrolled in Federal Universities, depending on the provision of their data by their institutions onto the NELFUND dashboard.
Sawyerr encouraged students from federal universities to apply for the financial aid once the loan portal is active. “We urge students in federal institutions to seize this opportunity for financial support. We recommend submitting applications promptly to facilitate swift processing,” he advised.
READ MORE: Student Loan Application Portal Set to Open on May 24, Says NELFUND
The loan is designed to cover the full amount of each student’s tuition fees, with payments made directly to the respective university accounts.
Qualified students will also receive additional allowances to help cover the expenses for necessary educational materials and living costs. The loan program also includes a plan for vocational education.
In conclusion, Repayment terms for the loan dictate that students begin paying back two years after they complete their National Youth Service Corps (NYSC) commitments.
