FG prioritises federal university students in student loan scheme
In a move to support higher education, the federal government has decided to launch the student loan scheme with a focus on students from federal universities before expanding it to other institutions.
The announcement was made by Akintunde Sawyerr, the managing director of the Nigeria Education Loan Fund (NELFUND), during a conference in Abuja on Monday.
Under this program, students from federal institutions at all levels will be given priority, with an estimated 1.2 million students from federal tertiary institutions eligible to benefit from the loans.
To qualify for the scheme, students must be enrolled in institutions that have provided their data to the fund’s dashboard.
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Sawyerr urged students studying in federal institutions to seize this opportunity by applying early to ensure a smooth application process. Successful applicants will have their school fees, up to 100%, covered and directly paid to the school.
Additionally, they will receive monthly stipends to help with other expenses, enhancing their overall educational experience.
Plans are underway to introduce provisions for vocational skills or qualifications, and beneficiaries will be required to start repaying the loan two years after completing the National Youth Service Corps (NYSC) program.
