NELFUND Opens Student Loan Portal for State-Owned Schools

NELFUND is scheduled to provide a site for state-owned universities to apply for student loans.

NELFUND, the Nigerian Education Loan Fund, has announced that it has received an overwhelming response from students of federal government institutions, with over 60,000 applications submitted since the launch of its student loan application portal. This indicates a significant demand for financial support among students seeking to further their education.

According to the statement, 30,000 of these applications have been approved because state-owned colleges will also profit from this program.

Additionally, according to NELFUND, 90% of federal universities have already uploaded student data to their dashboard, with the other 10% still needing to do so.

The site for submitting data from tertiary institutions owned by the state is scheduled to launch in three weeks, according to the agency.

These state-affiliated schools have been asked by NELFUND to begin assisting their students in getting ready to apply for the loan.

Remember how the Federal Government, via NELFUND, declared on May 16 that the official launch date of the student loan application portal was set for May 24?

The media lead for NELFUND, Nasir Ayantogo, made this news and emphasized that President Bola Tinubu's commitment to supporting inclusive and accessible education for all Nigerian students is demonstrated by the inauguration of the portal.

On June 12, 2023, he had earlier signed the Access to Higher Education Act into law.

This measure carries out one of Tinubu's campaign pledges to increase funding for education by enabling impoverished students to obtain interest-free loans for their studies at any Nigerian postsecondary institution.

The Students Loan Law, often known as the Access to Higher Education Act, created NELFUND to oversee all loan requests, grants, payments, and

NELFUND was created by the Students Loan Law, commonly known as the Access to Higher Education Act, to oversee all facets of loan requests, grants, disbursements, and recoveries.

The plan was originally scheduled to begin in September, but there were setbacks that resulted in an indefinite suspension in early March.

President Tinubu's order to broaden the program to include loans for vocational skills was the cause of the delay.

Students can apply for loans using the recently launched platform, removing any financial obstacles to pursuing their academic objectives. Students can easily submit their applications because of its user-friendly UI.