From Fred Ezeh, Abuja
Nigeria Education Loan Fund (NELFund) has listed the requirements that a student must have to stand qualified to access the education loan fund.
According to the Fund, an interested candidate must present admission letter duly signed by the Joint Admissions and Matriculation Board (JAMB); National Identity Number (NIN); Bank Verification Number (BVN); some personal and academic information, to be eligible to access the fund.
In addition to that, the Fund said it will carry out proper and background investigation of prospective applicants to ensure that they are not person(s) of questionable character.
Managing Director/Chief Executive Officer of NELFund, Mr. Akintunde Sawyerr, told journalists at a press conference, in Abuja, on Monday, that making the list of the requirements public became necessary so that prospective applicants can prepare themselves ahead the launch of the first phase of the application schedule for May 24th, 2024.
He confirmed that several measures have also been put in place to ensure the safety and protection of the system, as well as easy recovery of the loan in order to avoid the issue of bad loan.
Mr. Sawyerr recalled that the student loan initiative was designed to provide financial assistance (obligatory fees and stipend) to needy students, enabling them to pursue their educational goals without the burden of immediate financial constraints.
“The first phase of the application portal for the loan will be officially opened on 24th of May, 2024, for students in federal institutions comprising Universities, Polytechnics, Colleges of Education and Technical Colleges whose institutions have completed and uploaded their students’ data.
“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions, and prospective applicants can begin their application process effective from the 24th of May, 2024, immediately.”
He encourage all students in federal institutions to take advantage of the opportunity to secure the required financial assistance for their education, urging them to submit their applications as early as possible to ensure timely processing.
Meanwhile, he reminded applicants about the affordable and flexible repayment plans, adding “this interest-free loan program offers flexible repayment options, which commences two years after completing the National Youth Service Corps (NYSC), as long as the individual has secured employment.”
He stated that NELFund remains committed to supporting the educational aspirations of young Nigerians. “Education is a vital investment for the future we envisage, and this Student Loan initiative is a testament to that commitment.”