NELFUND records 7,975 student loan applications in 24 hours

The Nigeria Education Loan Fund on Wednesday announced what it described as a significant milestone, receiving the highest number of student loan applications within 24 hours since the launch of its portal on May 25, 2024.

A statement released by the fund in Abuja and made available to our correspondent said, “the fund recorded 9,687 student registrations, with 7,975 completed loan applications on August 7, 2024.”

The statement noted that the surge in “interest highlights the crucial role NELFUND plays in enabling access to higher education” for students facing financial challenges.

It further noted that the high number of applications underscores the pressing need for financial assistance among Nigerian students.

“Since the portal’s opening, NELFUND has seen a steady influx of applications, demonstrating the importance 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.

NELFUND further urged eligible students experiencing financial difficulties to take advantage of this opportunity.

It said the fund’s streamlined application process is designed to be user-friendly, with a dedicated support team available to assist applicants.

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.