The Nigerian Education Loan Fund (NELFUND) is giving loans to over 100,000 students. If you applied and were successful, you will get approval in about three weeks. So far, no loans have been given out yet.
Application Process
The application process is going smoothly. Mr. Nasir Ayiyogo, the spokesperson for NELFUND, said no loans have been disbursed yet. But students will start getting approvals in less than three weeks. The loan amount will cover 100% of the charges for each institution.
Approval Evaluation
Mr. Akintunde Sawyerr, the Managing Director of NELFUND, said that those who have applied will undergo approval evaluation. Here is a breakdown of the numbers:
| Status | Number of Students |
|---|---|
| Registered | 60,000 |
| Successfully Applied | 30,000 |
| Loans Approved | 0 |
Mr. Sawyerr mentioned that the large number of applications shows the urgent need for financial help among students. NELFUND is committed to addressing this need.
Ensuring Program Integrity
NELFUND will work with security agencies to ensure the loans are not abused.
Students with criminal intentions will be identified and dealt with by the security agencies.
Application for State Institutions
Currently, only students from federal tertiary institutions have applied. Students from state-owned institutions will start applying from the 25th of this month. Private institution students are not eligible for the scheme at this time.
Parental Concerns
Parents have expressed concerns about the state of the nation’s economy, as many are struggling to pay tuition fees. Alhaji Haruna Danjuma, the National President of the National Parent Teacher Association of Nigeria (NAPTAN), stated that the rush to apply for loans indicates the economic challenges parents face.
Advice to Students
Students who receive the loan should use it wisely. Those who are earning money from small businesses should continue to do so. The cost of living is rising, and every little bit helps. Parents were surprised that the government did not consult them before launching the scheme. They feel they should have been involved in the decision-making process.
Skills Acquisition Scheme
NELFUND will start a comprehensive skills acquisition scheme in various vocational and technical fields by the last quarter of the year. President Bola Tinubu ordered the inclusion of artisans in this program to equip youths with practical skills.
Conclusion
In summary, NELFUND is committed to helping students with their financial needs. The loan application process is going well, and approvals will start soon. Students must use the loans wisely, and NELFUND will ensure the integrity of the program. Parents have expressed concerns, and NELFUND is working on additional programs to support students.
Important Dates and Facts:
| Description | Date/Fact |
|---|---|
| Start of loan approval | In less than three weeks |
| Applications from state institutions | From 25th of this month |
| Skills acquisition scheme start date | Last quarter of the year |
| Number of students registered | 60,000 |
| Number of students successfully applied | 30,000 |
| Number of loans approved | 0 |
| Loan coverage | 100% of institution charges |
By following these guidelines and keeping the information clear and simple, students and parents can better understand the student loan process and what to expect in the coming weeks
