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The Student Loan Scheme officially kicked off on Wednesday after a nod of approval from the federal government.
Following an approval of N32 billion for the programme, the amount will be paid as loans to applicants who are successful.
The agency running the scheme, the Nigeria Education Loan Fund (NELFUND) disclosed that it received 103,000 successful applications.
According to the information shared, 164,000 students were registered between May 25 when the portal opened and July 17.
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The dummy cheques were reportedly given to students and some vice-chancellors by President Bola Tinubu to symbolically kick-start the scheme.
An innovative move, the Student Loan Scheme is aimed at making loans available to indigent students or those unable to afford their fees to prevent them from dropping out of school.
“No student will drop out of school again just because he has no means to pay the fee,” President Tinubu declared while unveiling the scheme.
The tuition of beneficiaries will be paid directly to the institution and successful applicants will get stipends.
