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Nigerian Education Loan Fund Disburses Over N1.1bn To Over 20,000 Beneficiaries

Nigerian Education Loan Fund Disburses Over N1.1bn To Over 20,000 Beneficiaries - Nigeriaeducationnews.com

The Nigerian Education Loan Fund disburses over N1.1bn to over 20,000 beneficiaries that opted for the student loan.

According to NELFUND, they have disbursed approximately 1.17 billion Naira to over 20,000 Nigeria students in five of the nation’s public tertiary institutions that applied for the student loan.

This statistics was revealed by Akintude Sawyerr, the Managing Director of Nigerian Education Loan Fund (NELFUND) in an official conference with the press in the early hours of Wednesday.

According to the Managing Director, an additional institution would be added to the beneficiaries lists before the day ends. He again added that, the Nigerian Education Loan Fund (NELFUND) will keep increasing the slot for the number of applicants across all the public tertiary institutions in the country.

Moreover, he revealed that the institution is currently reviewing 100 institutions who sent their applications to be considered for the student loans.

“I am delighted to share that, following President Bola Tinubu’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in the institutions across the country. These institutions were carefully selected based on their academic calendar. Disbursement to other institutions will be made at the beginning of their sessions to ensure a transparent and equitable distribution of resources,’’ Akintude Sawyerr revealed.

Mr. Sawyerr also added that an additional disbursement of N850 million is being reviewed and would be soon transferred to the various institutions. Over 260,000 tertiary students have had their applications approved and upon that, have received their payment for their fees and their upkeep.

According to the Managing Director, the charges for each student for the upkeep loan is 250,000 Naira per year. He asserted that a student could apply less than the fixed amount for the upkeep loan and also, he disclosed that not all students opt in for the upkeep loan in addition to the student fees loan.

As of now, the student loans from the Nigerian Education Loan Fund (NELFUND) is only allocated to undergraduate students. This was disclosed by Sawyerr. The loan aims at undergraduate students with the fewest opportunities, and all graduate students are exempted.

“Our focus is on the undergraduate students. It is a fund that enables those who have the fewest opportunities to get an education. While we acknowledge that there are students who will want to pursue their postgraduate studies, for now, our target is undergraduate students,’’ he said.

How To Apply For The NELFUND Student Loan

Before you can proceed to apply for the loan, you should be a Nigerian citizen, and be enrolled in any public university in the country. Colleges of education, polytechnics, and vocational schools are included.

Also, have the following documents upon application;