Apply: FG Sets Date Students Can Start Submitting Loan Application, 5 Categories of People Banned

Apply: FG Sets Date Students Can Start Submitting Loan Application, 5 Categories of People Banned

  • The federal government has now unveiled the new online portal that Nigerian students can use to apply for student loans
  • A date has also been set for when students enrolled in a recognised tertiary institution can begin to make use of the portal
  • While the loan is open to all undergraduates, there are five categories of students that will not be able to benefit

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian Education Loan Fund (NELFUND) has announced that the portal for students to apply for loans will open on Friday, May 24, 2024.

This was disclosed by Akintunde Sawyer, the managing director of NELFUND, in a statement signed by Nasir Ayitogo, his media and public relations lead, on Thursday, May 16, 2024, in Abuja.

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Nigerian student loan set to get underway
FG gets ready to give out student loan Photo credit: Soeren Stache
Source: Getty Images

Sawyer said through the portal, students can now access loans to pursue their academic aspirations without financial constraints.

Details about student loan

According to the statement, the scheme will start with 1.2 million beneficiaries and the funds would be paid directly to the tertiary institutions of the benefitting students.

The students would also be entitled to stipends which would be paid directly to them.

The statement reads:

“The management of Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Mr Akintunde Sawyerr are thrilled to announce 24th of May, 2024 as the official date for the opening of a portal for student loan applications.
“This marks a significant milestone in the commitment of President Bola Ahmed Tinubu (GCFR) to fostering accessible and inclusive education for all Nigerian students.

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“Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.
“The portal provides a user-friendly interface for students to submit their loan applications conveniently.
“We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation.
“Students can access the portal on www.nelf.gov.ng to begin application.”

Five categories of people banned

Earlier Legit.ng revealed that five categories of people are deemed ineligible to take the loan.

These are:

  • Applicant found guilty of exam malpractice by any school authority.
  • Applicant who has been proven to have defaulted in respect of any previous loan granted by any organisation.
  • Applicant with a criminal record of felony or any offence involving dishonesty or fraud.
  • Applicants whose parents (father or mother) have defaulted in respect of student loans or any loan granted to him or her.
  • Anyone who has been convicted of drug offences.

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Read more about student loans

How students will access loans

Legit.ng earlier reported that Sawyerr explained how the student loan would be accessed by interested citizens.

Sawyerr disclosed that there will be no human contact in accessing the loan as everything will be automated and funds for successful students will be transferred to the schools’ accounts.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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