The student loan program will commence by providing financial assistance to students enrolled in federal universities, polytechnics, colleges of education, and technical colleges.
To be eligible for the loan, students must be from institutions that have uploaded their data on NELFUND’s dashboard.
The application portal for the loan will open on Friday, May 24. Approximately 1.2 million students will benefit from this scheme, with the loan amount equivalent to their tuition fees being directly paid to their respective institutions.
Read Also: Student Loan Application Portal Launches on May 24
Additionally, beneficiaries will receive monthly stipends to support their other expenses during their educational journey.
The Managing Director/Chief Executive Officer of NELFUND, Akintunde Sawyerr, announced these details during a news conference in Abuja on Monday, May 20.
The first phase of the application process will be open to students in federal institutions, and no guarantor is required to access the loan.
Applicants will need to provide their JAMB letter, NIN, and BVN, as well as complete the application form with personal details, academic information, and financial need.
