BREAKING: Student loan application portal opens May 24

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The Federal Government has announced that the student loan application portal will officially open on May 24, 2024.

Managing Director, NELFUND Akintunde Sawyer said this in a statement by the Media and Public Relations Lead, Nasir Ayitogo on Thursday in Abuja.

Ayantogo stated that this marks a significant milestone in President Bola Tinubu’s commitment to “fostering accessible and inclusive education for all Nigerian students.”

News Round The Clock reported that on June 12, 2023, President Tinubu signed the Access to Higher Education Act, 2023, into law.

This legislation enables indigent students to access interest-free loans for their education at any Nigerian tertiary institution.

Dele Alake, a member of the then Presidential Strategy Team, noted that this move fulfills one of Tinubu’s campaign promises to liberalize education funding.

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The Act, commonly known as the Students Loan Law, also established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.

Initially, the government planned to launch the scheme in September, but several delays led to an indefinite postponement in early March.

The Presidency attributed the delay to President Tinubu’s directive to expand the scheme to include loans for vocational skills.

After a briefing from the NELFUND team, led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, the President directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programs.

Tinubu made his decision based on the necessity of accommodating individuals who may not wish to pursue a university education, stating that skill acquisition is just as important as obtaining undergraduate and graduate degrees.

“This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.

“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.

“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,” he had said.

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

The portal, according to the statement, 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,” the statement said.