UPDATED: Loan scheme to take off with students of Fed varsities, Polytechnics, CoE

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…portal opens on Friday

The student loan scheme will take off with students from federal universities, polytechnics, colleges of education, and technical colleges.

Only students whose institutions have uploaded their data on NELFUND‘s dashboard would be eligible to apply for the loan.

The portal for students to apply for the loan will open on Friday, May 24.

The scheme will take off with 1.2m students as beneficiaries.

The loan, which is an equivalent of the tuition fees of the benefitting students, will be paid directly to their institutions.

However, stipends would be paid directly to beneficiaries every month to assist them buy other things that can make them comfortable while pursuing their education.

The Managing Director/Chief Executive Officer, of Nigeria Education Loan Fund (NELFUND), Akintunde Sawyerr said this on Monday, May 20, at a news conference in Abuja.

“The first phase of the application for the portal of student loan programme would be officially opened on the 24th of May, 2024 for students in federal institutions like Universities, Polytechnic, Colleges of Education, and technical colleges, whose institutions have completed and uploaded their students’ data,” he said.

He added: “This student loan scheme is available to students who are in government institutions at the tertiary level.

“We are going to start with federal institutions because it is a programme that we have to roll out in phases. It will eventually be rolled out to state-owned institutions.”

Sawyerr said no guarantor was needed for students to access the loan.

He said applicants would be required to provide their “Joint Admissions and Matriculation Board (JAMB) letter, National Identification Number (NIN), Bank Verification Number (BVN).”

He added: “Applicants are also to complete the application, including personal details, academic information, and details of financial need, and submit the application after reviewing it.”

Speaking on the repayments, he said the loanees, regardless of where they get a job whether they are working with the government or with somebody else, must pay back the loans after two years.

He said: “The student loan scheme will pay 100 percent of the fee for the loanees at the institution. There is also the track of providing stipends to the loanees.

“We only pay for one session at a time because people drop out of institutions, they change institutions, change their mind about the course they want to do.”

Speaking about bad loans, he said the agency was trying to make sure that it had as much information about the applicants as possible and be sure that they are bonafide Nigerian citizens and are of good standing.

“We also have various ways of working with security agencies to ensure that the people who are applying to these loans are not people who may want to defraud,” he added.

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