The Federal Government has extended the student loan scheme to state tertiary institutions across Nigeria. Over 336 state tertiary institutions comprising universities, colleges of education, and technical colleges will be able to apply for the loans when the second phase launches on June 25.
So far, over 60,000 students from federal tertiary institutions have registered on the loan application portal, with 30,000 successfully applying. However, no loans have been approved or disbursed yet, as the evaluation process is ongoing.
The Nigerian Education Loan Fund (NELFUND) is overseeing the implementation of the student loan program. They are urging all state tertiary institutions to submit their students’ data immediately to facilitate a smooth application process for the second phase.
In addition to financial assistance, NELFUND plans to launch a comprehensive skill acquisition program within the next 6 months. This will provide training in various vocational and technical fields to prepare students for the demands of the modern job market.
The key features of the program include an online, user-friendly application process with no physical contact between applicants and NELFUND. Eligible students need to have their institution’s data uploaded on the NELFUND dashboard to apply.
The student loan scheme was recently expanded and empowered through the new Access to Higher Education Act, 2023, signed by President Bola Tinubu. This law removed the family income threshold, allowing more students to access the interest-free loans.
