The Nigerian Education Loan Fund (NELFUND) has announced the launch of its student loan application portal, starting this Friday, May 24th, 2024.
According to Akintunde Sawyerr, Managing Director/Chief Executive Officer of NELFUND, an estimated 1.2 million students across federal universities, polytechnics, colleges of education, and technical colleges will be eligible for the program’s first phase.
This initiative marks a significant step towards ensuring greater access to higher education for all qualified Nigerians.
Phased Rollout: Federal Institutions First
In a pre-application sensitization press conference held in Abuja on Monday, NELFUND’s Managing Director/CEO, Akintunde Sawyerr, revealed a phased rollout for the student loan program. In the initial phase, only students enrolled in federal government-owned tertiary institutions will be eligible to apply.
“We are starting with federal institutions because it’s a program we have to roll out in phases,” explained Sawyerr. Students in state universities and vocational skills centers can expect to be included in a later phase of the program.
Streamlined Application Process
NELFUND has prioritized a user-friendly and accessible application process. Students can visit the NELFUND website, www.nelf.gov.ng, to access the online application form starting May 24th. The required documents include:
Joint Admissions and Matriculation Board (JAMB) admission letter
National Identity Number (NIN)
Bank Verification Number (BVN)
“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions,” emphasized Sawyerr. “Applicants can access online support to assist with any questions or concerns during the application process.”
NELFUND Focus on Transparency and Security
NELFUND has taken steps to ensure transparency and security throughout the application process. According to Sawyerr, the entire process will be online, eliminating the need for physical contact between applicants and NELFUND staff. Additionally, the agency is collaborating with security agencies to prevent fraud and ensure the integrity of the program.
Interest-Free Student Loan with Additional Support
One of the program’s key features is the interest-free nature of the loans. This significantly reduces the financial burden on students compared to traditional loan options. Furthermore, NELFUND will also provide monthly stipends for student upkeep, though the specific amount remains undisclosed.
“That figure will be capped,” explained Sawyerr.
“We will look very closely at each application and make a decision based on several factors as to what fees will be paid to them.”
Collaboration with Institutions
NELFUND emphasizes the crucial role of educational institutions in the program’s success. Institutions are responsible for providing accurate data on student fees, including departmental, faculty, and other specific charges. This data will be critical in determining the appropriate loan amount for each student.
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If You Ask Me
The launch of the student loan program by NELFUND is a significant development for Nigeria’s education sector. It paves the way for countless students who might otherwise struggle to afford higher education. With interest-free loans, additional stipends, and a streamlined application process, NELFUND is offering a lifeline to students striving to build a brighter future.
While the initial phase focuses on federal institutions, NELFUND has expressed its commitment to including students in state universities and vocational skills centers in the future. As the program progresses, it will be interesting to see how NELFUND addresses the specific needs of these institutions and their student populations. The success of the program will likely depend on its ability to adapt and expand to meet the diverse educational landscape
