June 24, 2024

Federal Student Loan Scheme Launches First Phase

 

By: Emmanuel Ibitoye

 

The inaugural phase of the federal student loan scheme has officially commenced, with students from federal institutions across Nigeria becoming the first beneficiaries. This significant development marks a milestone in the government’s efforts to provide financial support for higher education.

 

Early on Friday, the loan application website went live, allowing eligible students to begin the application process. This follows President Bola Tinubu’s enactment of the initial student loan policy in June 2023, which aimed to provide interest-free loans to students. Despite plans to roll out the scheme in October 2023, the implementation faced multiple delays until it was re-enacted in April 2024.

 

The National Education Loan Fund (NELFUND) had recently announced the opening of the loan application and issuance portal, scheduling it for May 24. The pilot phase is currently restricted to students from federal tertiary institutions, a decision made to streamline the initial rollout and address any potential issues before expanding the scheme further.

 

During the pre-application sensitization phase, NELFUND emphasized the importance of the scheme in making higher education more accessible. They also outlined the eligibility criteria and application process to ensure students are well-informed and prepared.

 

As the scheme progresses, it is expected to provide much-needed financial relief to students, allowing them to focus on their studies without the burden of financial constraints. Further details and updates will be provided as the implementation continues and more students gain access to these educational funds.

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