On Wednesday, the Nigeria Education Loan Fund (NELFUND) announced a noteworthy achievement: receiving an unprecedented number of student loan applications within a 24-hour period since the launch of its online portal on May 25, 2024.

According to a statement issued by the fund in Abuja and shared with our correspondent, NELFUND recorded an impressive 9,687 student registrations, resulting in 7,975 completed loan applications on August 7, 2024.

This remarkable surge in interest underscores the pivotal role NELFUND plays in facilitating access to higher education for students grappling with financial constraints. The substantial number of applications further emphasizes the pressing need for financial assistance among Nigerian students.

“Since the portal’s opening, NELFUND has seen a steady influx of applications, demonstrating the importance of its mission to support students struggling with tertiary education financing. This achievement aligns with President Bola Ahmed Tinubu’s vision and actions,” the statement said.

NELFUND strongly encourages qualified students facing financial challenges to take advantage of this opportunity.

The fund’s simplified application process is designed to be user-friendly, with a dedicated support team available to assist applicants.

For the first time, on Wednesday, July 31, 2024, NELFUND released data supporting disbursements of student loans. This move, according to the Managing Director, Akintunde Sawyerr, is to ensure accountability.

The Student Loan Scheme, a flagship initiative of President Bola Tinubu, aims to revolutionize the education sector.

Shortly after assuming office, President Tinubu enacted the Access to Higher Education Act, establishing a legal framework for providing loans to financially disadvantaged Nigerians.

This act, recently reenacted, led to the creation of the Nigerian Education Loan Fund (NELFUND). NELFUND is responsible for managing loan applications, grants, disbursements, and recoveries.

As outlined in the act, the fund draws its resources from various sources and engages in productive activities.