President Bola Tinubu on Wednesday, July 17, 2024, presented checks to the first set of beneficiaries from the Nigerian Education Loan Fund (NELFUND).
Tinubu, while disclosing that the student loan was key to fighting poverty, stated that it aligned with his administration’s commitment to inclusiveness and assured sufficient funding to sustain the program.
The executive secretary of NELFUND, Akintunde Sawyer, while announcing that N32 billion was currently available for disbursement to kick-start the program, disclosed that 164,000 students have registered and 103,000 have started applying for loans since the opening of the portal.
According to Sawyer, the initiative, which became law on April 3, 2024, as the Student Loans (Access to Higher Education) Act, aimed at empowering Nigerian youths by providing fair, transparent funding and removing financial barriers to educational opportunities.
BACKGROUND
Many Nigerians, particularly students, do not know that the Nigerian Education Loan Fund (NELFUND) started in the 1970s.
According to WITHIN NIGERIA, Yakubu Gowon, the country’s then-head of state, founded the Nigerian Students Loans Board in 1972.
The board was established to provide financial aid to students pursuing higher education.
Meanwhile, the board’s activities and roles were eventually replaced owing to theft and repayment challenges.
A REBIRTH?
In 2016, Femi Gbajabiamila, the House of Representatives’ majority leader, introduced a measure titled “Bill for an Act to Provide for Easy Access to Higher Education for Nigerians Through Interest-Free Loans from the Nigerian Education Bank”.
The law was enacted by the National Assembly in 2022, clearing the road for the eventual foundation of NELFUND.
President Bola Tinubu signed the Access to Higher Education Act on June 12, 2023.
On April 3, 2024, Tinubu signed the Students Loans (Access to Higher Education) (Repeal and Re-Enactment) Act of 2024.
HERE IS HOW TO APPLY FOR NELFUND
WHAT YOU NEED ?
Admission letter from a public tertiary institution
Valid National Identity Number (NIN)
Bank Verification Number (BVN)
Academic transcripts or records
Recent passport photographs
CREATION OF ACCOUNTS
Interested undergraduates should visit the NELFUND website at https://nelf.gov.ng/
Interested undergraduates should click on “Apply Now” and then “Get Started”.
Interested undergraduates should input email address and set a secure password.
Interested undergraduates should verify their email addresses by clicking on the link sent to your email.
COMPLETE YOUR PROFILE
Interested undergraduates should log in to their respective accounts and update their contact details, including phone number, residential address, state, and local government area.
Interested undergraduates should provide their educational details, such as institution name and matriculation number.
Interested undergraduates should add Bank Verification Number (BVN) and account details.
APPLY FOR THE STUDENT LOAN
Interested undergraduates should click on “Request for Student Loan” and select the type of loan they need (school fees, upkeep, or both).
Interested undergraduates should upload required documents, such as your admission letter and student ID card (if applicable).
Interested undergraduates should agree to the terms and conditions and submit their applications.
WHAT YOU MUST KNOW?
Interested undergraduates should know that repayment of loan begins two years after completing National Youth Service Corps (NYSC) or securing employment.
The loan is interest-free, and repayment terms are designed to accommodate graduates’ financial situations.
