In a remarkable turn of events, the Nigerian Education Loan Fund (NELFUND) has experienced an unprecedented surge in student loan applications since the launch of its portal for federal institutions. Within just six days, over 60,000 students have sought financial assistance through this groundbreaking initiative.
The surge in interest reflects the pressing financial challenges faced by students pursuing higher education. NELFUND’s commitment to addressing this need is evident in its efforts to streamline the application process and ensure timely disbursement of funds.
Mr. Akintunde Sawyerr, the Managing Director of NELFUND, addressed the media on Thursday, emphasizing the critical need for such support among students. Out of the massive influx of applications, 30,000 students have already completed the process to access the loan.
Sawyerr expressed satisfaction that over 90% of federal institutions of higher learning have submitted their students’ data to NELFUND. However, he urged the remaining two federal universities and five federal polytechnics to expedite the process. By doing so, eligible students can promptly access the much-needed financial support.
While the current phase focuses on federal institutions, NELFUND has announced that it will soon extend the student loan scheme to state-owned tertiary institutions. Starting from June 25, 2024, students in state universities and polytechnics will also have the opportunity to apply for loans.
To facilitate a seamless application process, NELFUND encourages state-owned institutions to promptly submit their students’ data. The agency recognizes the urgency of providing financial relief to students across the country.
Mr. Sawyerr expressed gratitude to President Bola Ahmed Tinubu for unwavering support and vision. He also recognized the tireless efforts of all stakeholders, including the media and the NELFUND team, in making a tangible difference in the lives of Nigerian students.
NELFUND’s vision extends beyond financial aid. Acknowledging the importance of practical skills, the agency plans to launch a comprehensive skill acquisition program in six months. This program aims to equip students with market-relevant vocational and technical skills, preparing them for the modern job market.
As NELFUND continues to bridge the gap between education and financial empowerment, its impact promises to resonate far beyond the classroom.
