The Nigerian education loan fund (NELFUND) said it has had over 9.5 million visits, with over 6000 applications for loans from students in federal tertiary institutions since it opened its portal last Friday.
Managing Director of the fund, Akintunde Sawyerr while briefing the press at a post-application launch on Thursday, said over 90 per cent of federal tertiary institutions have submitted the data of their students with about five institutions remaining.
He also revealed that in three weeks, the fund will democratise the loans following the outcry from students in state-owned tertiary institutions, thereby opening its portal for students in state institutions to apply for the loan.
Sawyerr urged the authorities of the state tertiary institutions, to begin to submit the data of its students to ensure that the process is seamless.
On June 12, 2023, President Bola Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.
The move was in “fulfilment of one of his campaign promises to liberalise funding of education,” a member of the then Presidential Strategy Team, Dele Alake, said.
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.
Over 6000 Applications Received For Student Loan In Seven Days, Says NELFUND
