NELFUND records 7,975 student loan applications in 24 hours
NELFUND for the first time on Wednesday, July 31,2024 reeled out data supporting disbursements of student loans, a move which its Managing Director, Akintunde Sawyerr said was to ensure accountability.
The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector.
Barely a month after his inauguration as president, Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.
The law, reenacted earlier this year, created the Nigerian Education Loan Fund.
NELFUND is saddled with the responsibility of handling all loan requests, grants, disbursement, and recovery.
The fund, according to the act, is to be funded from multiple streams and will engage in other productive activities.
The Nigeria Education Loan Fund received the most student loan applications in a single day since the portal's inauguration on May 25, 2024, and on Wednesday it declared what it called a key milestone.
According to a statement provided to our correspondent by the fund in Abuja, "on August 7, 2024, the fund recorded 9,687 student registrations, with 7,975 completed loan applications."
The increase in interest "highlights the crucial role NELFUND plays in enabling access to higher education" for students who are struggling financially, according to the statement.
It further said that the large volume of applications highlights how urgently Nigerian students need financial aid.
"NELFUND has experienced a consistent stream of applications since the portal's launch, highlighting the significance of its mission to support students struggling with tertiary education financing. This achievement aligns with President Bola Ahmed Tinubu’s vision and actions,” the statement said.
Additionally, NELFUND encouraged qualified students who were having financial difficulties to seize this chance.
It stated that a specialised support team is on hand to help applicants, and the fund's simplified application process is intended to be user-friendly.
On Wednesday, July 31, 2024, NELFUND released statistics for the first time in support of student loan disbursements. According to Akintunde Sawyerr, Managing Director, this action was taken to ensure accountability.
President Bola Tinubu's premier initiative in the field of education is the rollout of the student loan program.
Tinubu signed the Access to Higher Education Act, which establishes a legal framework for lending money to low-income or destitute Nigerians to help them pay for their tuition at higher institutions in the country, barely one month after taking office.
Additionally, NELFUND encouraged qualified students who were having financial difficulties to seize this chance.
It stated that a specialised support team is on hand to help applicants, and the fund's simplified application process is intended to be user-friendly.
On Wednesday, July 31, 2024, NELFUND released statistics for the first time in support of student loan disbursements. According to Akintunde Sawyerr, Managing Director, this action was taken to ensure accountability.
President Bola Tinubu's premier initiative in the field of education is the rollout of the student loan program.
Tinubu signed the Access to Higher Education Act, which establishes a legal framework for lending money to low-income or destitute Nigerians to help them pay for their tuition at higher institutions in the country, barely one month after taking office.
The legislation, amended
