The Nigerian Education Loan Fund (NELFUND) is gearing up for the official launch of its student loan application portal this coming Friday, May 24th. However, in a pre-application sensitization press conference held in Abuja, Managing Director/CEO Akintunde Sawyerr revealed a staged rollout prioritising students in federal tertiary institutions.
Phased Approach Focuses on Federal Institutions First
This initial phase targets 1.2 million students enrolled in federal universities, polytechnics, colleges of education, and technical colleges. Only students whose institutions have uploaded data onto the NELFUND dashboard will be eligible to apply during this initial launch. Sawyerr encouraged students in these institutions to visit the website, www.nelf.gov.ng, starting May 24th to initiate their applications.
Streamlined Application Process and Online Support
NELFUND has designed a streamlined application process to ensure ease of access. Applicants can submit their applications entirely online through a user-friendly portal. Additionally, online support will be available to assist students with any questions or concerns throughout the process.
Focus on Accessibility and Transparency
President Bola Tinubu’s vision behind the student loan initiative is to ensure that financial limitations don’t hinder educational opportunities. A key feature of the program is the elimination of physical contact between applicants and NELFUND. This transparency aims to create a fair and accessible system.
Loan Details and Upkeep Support
The program offers interest-free loans to qualified students. Sawyerr revealed that applicants will also receive monthly stipends for upkeep, though the specific amount remains undisclosed. He emphasized that these stipends will be capped and determined based on individual needs and fees. Importantly, tuition fees will be paid directly to the institutions, not to the students themselves, to ensure responsible use of funds.
Collaboration with Institutions and Security Agencies
NELFUND relies on cooperation from institutions to provide accurate data on student fees at various levels (institutional, departmental, etc.). Additionally, Sawyerr highlighted collaboration with security agencies to safeguard the program from fraud and misuse.
A Stepping Stone for the Future
The Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Act, 2024, signed by President Tinubu last month, removes the previous family income threshold. This empowers all qualified Nigerians to pursue higher education and take ownership of their future through responsible loan repayment.
The phased rollout ensures a smooth launch and allows NELFUND to refine the process before opening applications to students in state universities and vocational skills centres. This student loan initiative signifies a significant step towards making education more accessible and affordable for all Nigerians.
