NELFUND Postpones Loan Issuance to Students of State-Owned Institutions

The Nigerian Education Loan Fund (NELFUND) has announced a 14-day delay in the application procedure for student loans for state-owned universities.

In a statement issued on Tuesday, Nasir Ayitogo, the fund’s media spokesperson, stated that the decision was made owing to insufficient data submission.

In June 2023, President Bola Tinubu signed an initial version of the student loan program, which allows students to borrow money without paying interest.

The project was scheduled to start in October 2023, but was delayed until April 2024.

NELFUND plans to start the loan application and issuing portal on May 24.

During a pre-application sensitization in Abuja, NELFUND stated that the scheme’s pilot phase will only be available to government tertiary institutions.

In its second phase, the fund plans to expand the initiative to include state-owned higher institutions.

Ayitogo stated that some state-owned universities have failed to upload the necessary student data and fee information to the NELFUND student verification system (SVS).

He stated that the application window, which was originally scheduled to open on June 25, will begin on July 10.

Ayitogo stated that the delay will give the institutions more time to comply with all of the data submission obligations.

“Only a limited number of state-owned institutions have completed the data submission process,” the spokesperson stated.

“These include 20 state universities out of 48, 12 state colleges out of 54, and 2 state polytechnics out of 49.

“The failure to submit data from the remaining institutions poses significant challenges to ensuring a seamless and accurate verification process.

“It is crucial that all state institutions provide complete and accurate information.

“This includes JAMB numbers, matriculation numbers, admission numbers, full names, level, faculties, departments, duration of programme, fees, and gender of all eligible students.

“Incomplete or incorrect data submissions will result in application delays and potential disqualification for affected students. Institutions that fail to meet the revised deadline risk disadvantaging their students, who depend on these loans to support their education.”

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