Nasir Ayitogo, the Media and Public Relations Lead of the Nigerian Education Loan Fund (NELFUND) announced in a statement released on Thursday.
“The management of Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Mr. Akintunde Sawyerr is thrilled to announce the 24th of May, 2024 as the official date for the opening of the portal for student loan applications.
“This marks a significant milestone in the commitment of President Bola Tinubu to fostering accessible and inclusive education for all Nigerian students.
“Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.
We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation,” the statement read.
He further said students can access the portal on www.nelf.gov.ng to initiate their applications.
In April 2024, President Tinubu took a momentous step by signing the Student Loan Act 2024 into law. With this act, he made a promise that no student would be deprived of the chance to shape their future, irrespective of their background.
The Nigerian Education Loan Fund (NELFUND) was established by the Act to offer loans for tuition, fees, and living expenses at recognized higher education and vocational training institutions across Nigeria.
The Act removed the requirement of a family income threshold, enabling all Nigerian students to apply for these loans and take on the responsibility of repayment.
The guarantor requirement was also removed, so students can receive loans subject only to NELFUND’s application and identity verification guidelines. This change ensures that students are no longer disqualified based on their parent’s loan history.
Regarding the repayment of loans by beneficiaries, the Student Loan Act stipulates that the Fund will not initiate loan recovery efforts until two years after the completion of the National Youth Service Programme.
Under the provisions of the Student Loan Act, a beneficiary has the option to request an extension of enforcement action by submitting an affidavit affirming their unemployment and lack of income. Anyone who provides false information to the Fund in this regard is considered guilty of a felony and may face imprisonment for three years.
The Act also incorporates provisions for loan forgiveness in cases of the borrower’s unfortunate demise or unforeseen circumstances, such as acts of God, that render them unable to repay the loan.
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