NELFUND: Students From State-Owned Tertiary Institutions Now Free To Apply For Loan

The Nigerian Education Loan Fund (NELFUND) portal has now been opened to students from state-owned tertiary institutions to apply for loan.

NELFUND, in a tweet yesterday, said the institutions had successfully submitted their student’ data to the NELFUND Student Verification System (SVS).

The statement reads: “The Nigerian Education Loan Fund (NELFUND) is pleased to announce that students enrolled in the following 36 state-owned tertiary institutions can now apply for student loans effective today July 7, 2024 because the management of these institutions have successfully submitted their student data to the NELFUND Student Verification System (SVS).

“We urge other state-owned tertiary institutions to submit their complete student data to the NELFUND Student Verification System timely to enable their students also benefit from the scheme.”

NELFUND, on June 25, extended the application process for state-owned tertiary institutions till July 10 due to low data submission.

A statement by the Head of Media and Public Relations, Nasir Ayitogo, said the decision was necessitated by the failure of several state-owned institutions to upload the required student data and fee information to the NELFUND Student Verification System (SVS).

No fewer than 1.2 million students are expected to benefit from this initiative which will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).

The president approved N35 billion for the scheme’s take-off.

According to the law, repayment will begin two years after the National Youth Service Corps (NYSC) programme.

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