Only applicants from federal institutions can access student loans – FG

Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND), announced that up to 1.2 million students from federal tertiary institutions will be eligible for student loans in the initial phase. Speaking ahead of the loan portal’s launch on Friday, May 24, Sawyerr specified that only students from institutions that have completed their data uploads will be able to apply initially.

Sawyerr emphasized the simplicity of the loan application process, designed to ensure easy access for eligible students. He highlighted key features of the loan, including:

• No physical contact between applicants and NELFUND.
• A user-friendly online Loan Application portal.
• Comprehensive online support for applicants.
• Flexible repayment plans.

The loan will cover 100% of institutional fees, paid directly to the learning institutions, and will provide monthly stipends to students during school sessions.