The Nigerian government has announced that participation in the student loan scheme, set to be implemented in stages, will be restricted solely to students enrolled in Federal Universities nationwide.
Speaking on Monday at a conference in Abuja, the managing director of Nigeria Education Loan Fund(NELFUND), Akintunde Sawyerr said, “We will soon begin a programme for non-provision for those who want to acquire vocational skills or vocational qualifications. However, the first beneficiaries of this loan are students of federal institutions at all levels. It will be for students of all government institutions going forward.”
The announcement follows shortly after the official establishment of the opening date for the student loan portal. Sawyerr stated that a maximum of 1.2 million students from Federal institutions will be eligible for the loans, contingent upon the submission of their data by their respective institutions on the fund’s dashboard.
“We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing,” he said.
He indicated that the loan would encompass 100% of each applicant’s tuition fees, disbursed directly to the school’s account. Moreover, eligible students would receive supplementary stipends to facilitate the procurement of necessary items for their comfort. Additionally, arrangements for vocational skills or qualifications provision have been made.
Repayment of the loan is slated to commence two years after the completion of the National Youth Service Corps (NYSC) programme.