Government Lists 1.2 Million Student Loan Beneficiaries As New Scheme Launches Friday

Government Lists 1.2 Million Student Loan Beneficiaries As New Scheme Launches Friday....KINDLY READ THE FULL STORY HERE▶

The long-awaited student loan program is set to launch on Friday, benefiting 1.2 million students in federal tertiary institutions across the country, according to Akintunde Sawyerr, the Managing Director/Chief Executive Officer of the Nigeria Education Loan Fund.

Speaking at a pre-application sensitization press conference in Abuja on Monday, Sawyerr announced that students in federal universities, polytechnics, colleges of education, and technical colleges will be included in the first phase of the program.

Data from the National Universities Commission indicates that Nigeria has 226 federal tertiary institutions, including 62 universities, 41 polytechnics, 96 monotechnics, and 27 colleges of education.

President Bola Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3. This act replaces the previous 2023 law and establishes the Nigerian Education Loan Fund to manage and provide loans for higher education, vocational training, and skills acquisition.

The new law removes the family income threshold, allowing students to apply for loans and take responsibility for repayment. Sawyerr emphasized that this initiative ensures that no Nigerian, regardless of their background, is excluded from accessing quality education.

Initially planned for September, the program’s launch was delayed due to Tinubu’s directive to expand the scheme to include vocational skills loans. Last Thursday, the Nigerian Education Loan Fund announced that the application portal would open on May 24.

Sawyerr clarified that only students from institutions that have uploaded their data to the Fund’s dashboard are eligible to apply. He urged students in federal tertiary institutions to visit www.nelf.gov.ng to apply from May 24, with applications from state universities and vocational centers to be accepted later.

To apply, students need their Joint Admissions and Matriculation Board admission letter, National Identity Number, Bank Verification Number, and completed application forms from the website.

Sawyerr highlighted the streamlined application process and the absence of physical contact between applicants and the Fund. The portal is designed to be user-friendly, providing online support for any questions or concerns.

He encouraged students to take advantage of this financial assistance opportunity and submit applications promptly for timely processing. Successful applicants will receive interest-free loans and monthly stipends for upkeep, though the exact amount was not specified.

Loan payments will be made directly to institutions, covering one session at a time. Sawyerr stressed that institutions must provide accurate data on student fees at various levels to the Fund.

The agency is also collaborating with security agencies to prevent fraud. In related news, the Federal Government has urged state governments to ensure the responsible use of Universal Basic Education Commission program funds, emphasizing the need for integrity among financial officers.

The Executive Secretary of UBEC, Dr. Hamid Bobboyi, called on financial officers to resist undue pressure from state officials and maintain high standards during a training program for accountants and auditors in Abuja.

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