HomeNewsGovt Restricts Students Loan To Only Federal Schools

Govt Restricts Students Loan To Only Federal Schools

Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, says some 1.2 million students across federal tertiary institutions would draw the student loans in its opening phase.

Sawyerr broke the news to reporters ahead of the loan portal’s formal launch for applications on Friday, May 24.

He said only students enrolled in federal tertiary institutions whose institutions had finished uploading their data would be able to apply in the first phase.

He also noted that the loan application process had been simplified to provide simple access for all qualified students in federal tertiary institutions.

Sawyerr who noted that some of the key features of the student loan include no physical contact between the loan applicant and NELFUND, a user-friendly Loan Application portal, comprehensive support where applicants can access online support to assist and flexible repayment plans, added that the loan will pay 100 percent of institutional fees directly to the institutions of learning account while also providing stipends to the students monthly based on when school is in session.

He said: “We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing.”

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