Student Loan: FG announces date for commencement of phase 2 as applicants hit 30,000

Cultists, certificate forgers,drug offenders not eligible for Student Loan – FG warns

The Nigerian government announced that approximately 30,000 students have applied for its  student loan scheme within a week of the portal’s launch on 24th May, 2024.

Akintunde Sawyerr, the Managing Director of the Nigerian Education Loan Fund, shared this update in Abuja on Thursday.

The students who have applied are currently undergoing approval evaluation.

Applications for state higher institutions to apply for the loan will open on 25th June 2024.

Sawyerr emphasized that the scheme aims to provide not only financial assistance but also to equip youths with employable skills.

NELFUND will soon launch comprehensive skills acquisition programs in various vocational and technical fields.

“Beyond financial assistance, NELFUND recognizes the profound importance of equipping our youth with practical, market-relevant skills.

“Six months from today, we will launch a comprehensive skills acquisition program, providing training in various vocational and technical fields.

“This program is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among our young people.

“Sixty thousand are those who have registered on the platform. About 30,000 have successfully applied for the loan but that does not mean the 30,000 have been approved. Up until this point, nobody has been given the loan. Now is the time for evaluation.

“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand,” he said.

Recall that President Bola Tinubu signed the Access to Higher Education Act, 2023, into law to provide Nigerian students with financial assistance.

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