Student Loan Portal Opens May 24: Get Ready to Apply

The portal for student loan applications will begin on May 24.

The Nigerian Education Loan Fund (NELFund), a branch of the Federal Government, made the announcement on Thursday, May 16, that the portal for student loan applications would formally open on May 24.

Nasir Ayantogo, NELFund's media lead, made this news.

Ayantogo said that President Bola Tinubu's dedication to advancing inclusive and accessible education for all Nigerian students has reached a major turning point with the launch of the application portal.

The Access to Higher Education Act, 2023 was ratified by President Tinubu on June 12, 2023.

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

 

The Nigerian Education Loan Fund was created under the Access to Higher Education Act, also known as the Students Loan Law, to manage all facets of loan requests, awards, disbursements, and recoveries.

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

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

During a briefing on January 22, Minister of State for Education Dr. Yusuf Sununu and the NELFund team presented a proposal to President Tinubu, who subsequently directed the Fund to offer interest-free loans to Nigerian students seeking to pursue development programs.

Tinubu underlined the significance of making accommodations for individuals who might decide not to pursue a university education, emphasizing that developing one's skills is just as important as earning academic credentials.

“This program is inclusive, catering to all our young people who are gifted in various areas. It is not just for future doctors, lawyers, and accountants, but also for those who want to use their skills to build our nation,” he stated.

He directed NELFund to explore opportunities to integrate skill-development programs, recognizing that not all individuals aim to pursue a university degree, and seeking to provide alternative paths for skill acquisition and development.

The recently launched portal provides a streamlined platform for students to apply for loans, breaking down financial barriers to education. With an intuitive and user-friendly design, students can easily navigate and submit their applications, making it a hassle-free experience.

“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to our nation's growth and development. Students can access the portal at www.nelf.gov.ng to begin their applications,” he added.