Student Loan Applications News: President Bola Ahmed Tinubu will formally unveil the eagerly anticipated student loan program in Abuja on February 21. All Nigerian students enrolled in postsecondary education institutions are eligible for the loan, which has a flexible repayment schedule that begins two years after the student completes their national youth service.
Additionally, Tinubu has ordered that the program include eligible Nigerians attending private colleges and those with informal education.
Arewafact learned further that only students who are currently enrolled in the universities will be admitted in the scheme’s initial phase.
According to people with knowledge of the situation, TheCable, the launch had been postponed until now in order “to perfect the administrative and logistical infrastructure.”
The Nigerian Education Loan Fund’s (NELFUND) executive secretary, Mr. Akintunde Sawyerr, confirmed the debut date of The Cable.
“On February 21, the portal will go operational. The entire application procedure will be based on technology. Eliminating opportunities for corruption, bigotry, and prejudice typically associated with human interaction, will level the playing field for qualified students, he told TheCable.
The selection criteria state that an applicant must meet the following requirements: they must be a legitimate student at a Nigerian higher education institution, be a Nigerian national, be eligible for financial inclusion, and have satisfactory academic standing.
Candidates must be undergraduates, enrolled in postsecondary education programs, or submitting their first application.
The loan is not available to those seeking a second, master’s, or PhD.
Applicants will need to submit basic personal information, such as their JAMB number, bank verification number, and national identification number (NIN), on the application portal that Arewafact understands will be unveiled at the launch. This information will be stored in their digital records for easy verification.
was informed that the loan would be paid to the schools directly, bypassing any middlemen like commercial banks and finance companies, using NELFUND’s single treasury account at the Central Bank of Nigeria (CBN).
It is also anticipated that the NELFUND special committee will be constituted shortly.
The governor of the CBN as chairman, the executive secretary of the NELFUND as secretary, a representative of the minister of education, and the chairman of the National Universities Commission (NUC) are the members, as specified by law.
The others are a representative of the federation’s auditor general, the minister of finance, the Nigerian Labour Congress (NLC), the Nigerian Bar Association (NBA), and the Academic Staff Union of Universities (ASUU). Other representatives are the vice-chancellors forum of all Nigerian universities, the rector’s forums of all Nigerian polytechnics, and the provost’s forum of all Nigerian colleges of education.
On June 13, 2023, Tinubu signed the Students Loans (Access to Higher Education) Act into law. This legislation, which was passed by the National Assembly in 2023, aims to give impoverished Nigerians simple access to higher education using interest-free loans. student loan application