Students in federal universities, polytechnics, colleges of education, and technical colleges across Nigeria can now apply for loans to finance their education.
The Nigeria Education Loan Fund (NELFUND) announced on Monday that applications will be open starting this Friday, May 24th, through their online portal.
This is the first phase of the programme, NELFUND states that students in federal tertiary institutions would apply at a later date, while students in state universities and vocational skills centres would apply at a later date.
The Director/Chief Executive Officer of the Fund, Akintinde Sawyerr, listed the requirements to apply for the student loan.
They include the Joint Admission and Matriculation Board (JAMB) admission letter, National Identity Number (NIN), Bank Verification Number (BVN) and completed application forms from its website.
Applicants can access online support to assist with any questions or concerns during the application process.
“We believe that education is a vital investment for the future, Sawyerr stated.
One of the key features of the programme is the absence of physical contact between the loan applicant and NELFUND.
The portal, according to Sawyerr, provides a user-friendly interface for students to submit their loan applications conveniently.
Students are, however, urged to submit their applications as soon as possible to ensure timely processing.
He revealed that, in addition to the interest-free loan, applicants will also receive monthly stipends for upkeep. He, however, did not state the amount.
“That figure will be capped. And we will look very closely at each application and make a decision based on a number of factors as to what fees will be paid to them,” Sawyerr said.
“The fees for the institution are going to be paid not to the students but to the institution. And that will be paid at the maximum of that fee per session. We will only pay a session at a time. Because people drop out of institutions, they change institutions.”
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