April 17, 2024

Nigerian Education Loan Fund Set to Initiate Pilot Phase for Student Loan Scheme

 

The Nigerian Education Loan Fund, on Wednesday, said it would begin a pilot phase of the student loan scheme with applicants from public tertiary institutions.

This includes students of federal and state universities, polytechnics and colleges of education.

It also expects President Bola Tinubu to soon appoint a chairperson, a Managing Director and two Executive Directors as part of its executive management team.

The spokesperson for the Fund, Mr Nasir Ayitogo, affirmed on Wednesday, citing the provisions of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, which Tinubu signed into law, on the same day.

Asked if the new provision covers students in public and private institutions, he said, “For the pilot scheme, it is just for public institutions.

On the number of public institutions to enjoy the pilot scheme, he explained, “The target for this phase of the loan are students of federal and state universities, federal and state polytechnics and federal and state colleges of education. Whoever desires the loan will apply.

“When you need the loan, apply and you will get it if you meet the requirements.”

However, no launch date has been set for the programme.

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