Wednesday marked the most number of student loan applications the Nigeria Education Loan Fund has received in a single day since the portal’s inception on May 25, 2024, an accomplishment the fund described as noteworthy.
The fund registered 9,687 student registrations on August 7, 2024, with 7,975 completed loan applications,
according to a statement provided, to our correspondent by the Abuja-based organization.
According to the statement, students who are struggling financially are now more interested, which ‘highlights the crucial role NELFUND plays in enabling access to higher education.’
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The huge volume of applications highlights the urgent need for financial aid among Nigerian students, it was added.
There has been a consistent flow of applications to NELFUND since the portal opened, highlighting the significance of Its goal, which is to assist students who are having financial difficulties paying for their higher education.
This accomplishment is consistent with President Bola Ahmed Tinubu’s goals and methods, according to the statement.
Additionally, NELFUND encouraged qualified students who were having financial difficulties to seize this chance.
It stated that a specialized support team is on hand to help applicants, and the fund’s simplified application process is intended to be user-friendly.
On Wednesday, July 31, 2024, NELFUND released statistics for the first time in support of student loan disbursements.
According to Akintunde Sawyerr, Managing Director, this action was taken to ensure accountability.
The official launch of the higher education loan scheme is the main educational priority of President Bola Tinubu.
Less than two months after taking office, Tinubu signed the Access to Higher Education Act,
establishing a legislative framework for lending money to low-income or destitute Nigerians to help them pay their university expenses.
The Nigerian Education Loan Fund was established under the statute, which was reenacted early this year.
All grant requests, loan requests, payouts, and recovery fall under the purview of NELFUND.
The act states that the fund will fund itself through a variety of sources and carry out other beneficial endeavors.
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