By Karen James
As the highly anticipated student loan program kick-starts on Friday, May 24, the Federal Government has announced new criteria for students to apply for loans. In an address by Akintunde Sawyerr, Managing Director of the Nigerian Economic Loan Fund (NELFUND), it was revealed that up to 1.2 million students from federal tertiary institutions will be eligible to access these loans in the initial phase.
Sawyerr emphasised that priority would be given to students whose institutions have completed data uploads, ensuring a fair and efficient application process. The goal is to provide equal opportunities for all qualified students to access the much-needed financial support.
Speaking ahead of the launch of the application portal, Sawyerr highlighted the simplicity of the loan application process, which has been designed to ensure easy access for all eligible students. The user-friendly online application portal, along with comprehensive online support, aims to guide students through the process seamlessly.
Aligning with President Bola Tinubu’s Renewed Hope Agenda, the student loan program aims to alleviate the financial burdens faced by needy students. It covers obligatory fees directly to the learning institutions and also provides monthly stipends to students during school sessions.
The program showcases several key features, including flexible repayment plans to ease the burden after graduation. Sawyerr encouraged all students in federal institutions to apply early, emphasising the importance of timely processing to ensure access to the necessary financial assistance.
This initiative by the Federal Government reflects a commitment to investing in the education sector and ensuring that deserving students have the means to pursue their academic goals. By removing financial barriers, the government aims to provide a level playing field for students from diverse backgrounds, allowing them to focus on their studies and achieve their full potential.
As the program commences, students are urged to familiarise themselves with the application criteria and take advantage of the simplified online application process. With the promise of comprehensive support and flexible repayment options, the student loan program holds the potential to transform the lives of countless students across federal tertiary institutions in Nigeria.
