In a move aimed at enhancing educational access and inclusivity, the federal government has announced that the student loan application portal will officially open on Friday, May 24, 2024. This announcement was made through a statement issued by the Nigerian Education Loan Fund (NELFUND) management, led by its Managing Director, Mr. Akintunde Sawyerr.
The statement, signed by Nasir Ayitogo, Media and Public Relations Lead at NELFUND, emphasized the government’s commitment to making higher education accessible to all Nigerian students.
“The management of NELFUND are thrilled to announce 24th of May, 2024 as the official date for the opening of the portal for student loan applications,” the statement read.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
PRESS RELEASE
STUDENTS LOAN APPLICATION PORTAL OPENS MAY 24th
The management of Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Mr Akintunde Sawyerr are thrilled to announce 24th of May, 2024 as official date for the opening of portal for student loan…
— NELFUND Nigeria (@NELFUND) May 16, 2024
Portal Details and Accessibility
The newly launched portal, accessible at nelf.gov.ng, will offer a user-friendly interface for students to submit their loan applications conveniently.
“Through the portal, students can now access loans to pursue their academic aspirations without financial constraints. We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation,” the statement added.
For further information and assistance, students are advised to contact NELFUND via email at [email protected] or through their social media handles.
Application Requirements and Process
Last month, during an interactive session with the Education Writers Association of Nigeria (EWAN) in Lagos, Mr. Sawyerr detailed the requirements for accessing student loans under the revised act. Candidates will need to provide their Unified Tertiary Matriculation Examination (UTME) registration number, National Identification Number (NIN), and Bank Verification Number (BVN). These stringent requirements are designed to ensure transparency and accountability in the loan disbursement process.
Sawyerr revealed that approximately 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centers are expected to benefit from the loan scheme. The funds allocated for the program are equivalent to one percent of the revenue generated annually by the Federal Inland Revenue Service, according to Sawyerr.
Loan Disbursement and Repayment
Elaborating on the disbursement process, Sawyerr outlined a two-step approach to ensure efficient and effective use of funds. Firstly, the allocated funds for school fees will be disbursed directly to the educational institutions on behalf of the students, ensuring seamless payment and enrollment. Secondly, a stipend will be deposited directly into the student’s bank account to cover additional expenses related to their education.
Students who are financially disadvantaged and seek assistance for their education are encouraged to apply through the designated website, where they will be required to submit their matriculation details for verification. Importantly, beneficiaries will be expected to commence loan repayment upon securing employment or establishing businesses, ensuring the sustainability and continued circulation of funds within the education sector.
Sawyerr highlighted that the implementation of some of these progressive education policies, coupled with the revamped NELFUND loan scheme, is part of a broader government effort to tackle the numerous challenges facing the education sector.
Though the student loan scheme has been criticized due to the volume of funds allocated to it among other reasons, the launch of the student loan application portal is seen by many as a significant step towards achieving educational equity and empowering Nigerian students to achieve their academic goals.
For more information on the application process and eligibility criteria, visit nelf.gov.ng.