FG Gives Important Update On Students Loan

Ahead of its kick-off on Friday, May 24, the Federal Government has unveiled new criteria for student loan applications.

Akintunde Sawyerr, Managing Director of the Nigerian Economic Loan Fund (NELFUND), announced that up to 1.2 million students from federal tertiary institutions will be eligible to access these loans in the initial phase.

He emphasized that students whose institutions have completed data uploads will be the first to apply.

Speaking ahead of the application portal’s launch, Sawyerr highlighted the simplified loan application process designed to ensure easy access for all qualified students.

He stated that applications would begin on May 24, aligning with President Bola Tinubu’s Renewed Hope Agenda, which aims to alleviate financial burdens for needy students by covering obligatory fees and providing stipends.

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The program will directly pay 100 percent of institutional fees to the learning institutions and provide monthly stipends to students during school sessions.

Key features include a user-friendly online application portal, comprehensive online support, and flexible repayment plans. Sawyerr encouraged students in federal institutions to apply early to ensure timely processing and access to the necessary financial assistance.