Managing Director/Chief Executive Officer of the Fund,
Akintinde Sawyerr, stated this on Monday at a Pre-Application Sensitisation
Press Conference in Abuja.
He said 1.2 million students from federal government-owned
universities, polytechnics, colleges of education, and technical colleges would
benefit from the first phase of the scheme.
While calling on students in federal tertiary institutions
to visit the website, www.nelf.gov.ng to apply from May 24, the Managing
Director said students in state universities and vocation skills centres would
apply at a later date.
He said the requirements to apply include the Joint
Admission and Matriculation Board admission letter, National Identity Number,
Bank Verification Number, and a completed application form from its website.
“The loan application process has been streamlined to ensure
easy access for all eligible students in federal tertiary institutions.
“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. We envisage that the student loan initiative of Mr. President is a
testament to this commitment,” he said.
One of the key features of the programme, he stressed, is
the absence of physical contact between the loan applicant and NELFUND.
According to him, the portal provides a user-friendly
interface for students to submit their loan applications conveniently.
He encouraged students in federal tertiary institutions to
take advantage of this opportunity to secure the required financial assistance
for their education, even as he urged applicants 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, saying: “That figure will be capped.
We will look very closely at each application and make a
decision based on several factors as to what fees will be paid to them.
“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 for a session at a time. Because people drop out of
institutions, they change institutions.”
The NELFUND boss also pointed out that institutions have
vital roles to play in providing the Fund with data on fees payable by students
at the institution, departmental, faculty and other levels.
Sawyerr said the agency is also working with security
agencies to ensure that people do not take advantage and defraud the process.
President Bola Tinubu had last month signed the Student
Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024,
into law, with a promise that no student would be denied the opportunity to
build his future regardless of background.
The Act empowers the Nigeria Education Loan Fund to provide
loans to qualified Nigerian students for tuition, fees, charges and upkeep
during their studies in approved public tertiary institutions and vocational
and skills acquisition establishments in the country.
The new law which repeals the Student Loan Act, 2023,
removes the family income threshold so Nigerian students can apply for these
loans and accept responsibility for repayment according to the Fund’s
guidelines.