Student Loan: State-owned Tertiary Institutions Set To Benefit – NELFUND

The Nigerian Education Loan Fund (NELFUND) said on Thursday that the second phase of the student loan application portal will open in three weeks.

The Managing Director of the Fund, Akintunde Sawyerr, disclosed this during a press conference in Abuja.

NELFUND opened its application portal for applications in the first phase of registration last week.

The first phase only accepts applications for federal government tertiary institutions including universities, polytechnics and colleges of education.

He said: “In line with our commitment to democratise higher education, we are excited to announce that NELFUND will commence accepting applications from students attending state-owned tertiary institutions in three weeks. We request all state institutions to submit their students’ data immediately, as requested, to facilitate a smooth and seamless application process.”

He added that the component for skill acquisition loans will be launched in six months.

He said: “Beyond financial assistance, NELFUND recognises the profound importance of equipping our youth with practical, market-relevant skills.

“Six months from today, we will launch a comprehensive skills acquisition programme, providing training in various vocational and technical fields. This programme is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among our young people.”

Mr Sawyerr said over 60,000 applications have been received by the agency since registration for the first phase began last Friday.

He said: “Since the launch of our student loan application portal last Friday for students in federal institutions of higher learning, we have witnessed an extraordinary surge in applications, with over 60,000 submissions since inception.

“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand.”

The NELFUND boss added that over 90 per cent of federal tertiary institutions have submitted their students’ data to NELFUND.

“We urge the remaining two federal universities and five federal polytechnics to expedite the process to ensure that all eligible students can access our financial support,” he said.

The Nigerian Education Loan Fund (NELFUND) is a creation of the Access to Higher Education Act, signed by President Bola Tinubu.

The Fund is tasked with handling all student loan requests, grants, disbursement, and recovery of the loans provided.

The Fund is being funded from multiple streams and will engage in other productive activities. It will also be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source, according to the Act.