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Tag: NELFUND

  • NELFund disburses over N1.1bn loans to 20,000 students

    NELFund disburses over N1.1bn loans to 20,000 students

    The Nigerian Education Loan Fund (NELFUND) says it has disbursed a total of N1.17 billion to 20,000 students in five of the public tertiary institutions that applied for the loan.

    The Managing Director of NELFUND, Akintunde Sawyerr, disclosed this at a news conference in Abuja on Wednesday.

    Sawyerr, who said that, one more institution would be added to the beneficiaries before the end of the day, noted that NELFUND would keep increasing the number based on applications.

    According to him, the fund is working on reviewing another 100 institutions whose application had been received

    “I am delighted to share that, following President Bola Tinubu’s directive, NELFUND has been able to disburse students’ institutional fees amounting to N1,172,388,340.00 for 20,000 students (100 per cent paid) in the institutions across the country.

    “These institutions were carefully selected based on their academic calendar.

    “Disbursement to other institutions will be made at the beginning of their sessions, to ensure a transparent and equitable distribution of resources,’’ he said.

    Sawyerr said an additional disbursement of N850 million would leave NELFUND to various institutions due to receive the loans.

    He also disclosed that a total of 260,000 students had been approved for payment of upkeep loans and their institutions’ charges

    He said that the upkeep loan and institution charges for each student is N250,000 per annum. However, a student could apply less than the approved amount.

    According to him, not every student that takes the institution loan wanted the upkeep loan, which would be paid in tranches base on students’ need.

    When asked if the loans could be given to Post Graduate students, Sawyerr said the mandate of the fund focuses on undergraduate students with the least opportunities,

    “Our focus is on the undergraduate students. It is a fund that enables those who have the least opportunities to get education.

    “While we acknowledge that there are students who will want to pursue their postgraduate studies, for now, our target is undergraduate students,” he said.

  • See 36 State universities to first benefit from FG student’s loan [FULL LIST]

    See 36 State universities to first benefit from FG student’s loan [FULL LIST]

    The Nigerian Education Loan Fund (NELFUND) has opened its application portal for 36 state-owned tertiary institutions across the country to apply for the federal government loan for students in the country.

    TheNewsGuru.com (TNG) recalls NELFUND opened the application portal for the first phase of the student loan scheme for students from federal institutions across the country in May, 2024.

    However, NELFUND announced on Sunday that students enrolled in 36 state-owned tertiary institutions in the country can now apply for student loans effective today, 7th July 2024.

    According to NELFUND, “the management of these institutions have successfully submitted their student data to the NELFUND Student Verification System (SVS)”.

    The fund urged all other state-owned tertiary institutions to submit their complete student data to the NELFUND Student Verification System timely to enable their students benefit from the scheme.

    NELFUND gives the list of the 36 state-owned universities currently eligible for the student’s loan as follows:

    1. Adamawa State University, Mubi
    2. Ramat Polytechnic, Maiduguri
    3. Borno State University
    4. Mohammet Lawan college of Agriculture, Borno State
    5. Edo State University, Uzairue
    6. Ekiti State University, Ado-Ekiti
    7. Gombe State University
    8. Kingsley Ozumba Mbadiwe University, Imo State
    9. Imo State University of Agriculture and Environmental Sciences Umuagwo
    10. Nuhu Bamalli Polytechnic, Zaria
    11. Yusuf Maitama Sule University, Kano
    12. Umaru Musa Yar’adua University, Katsina
    13. Katsina State Institute of Technology and Management
    14. Kebbi State University of Science and Technology, Aliero
    15. Confluence University of Science and Technology, Kogi state
    16. Lagos state university of education
    17. Lagos State University
    18. Nasarawa State University, Keffi
    19. Tai Solarin University of Education, Ogun state
    20. University of Medical Sciences, Ondo
    21. Osun State University
    22. UNIVERSITY OF ILESA, OSUN STATE
    23. GTC, ARA Osun State
    24. GTC, GBONGAN Osun State
    25. GTC, IJEBU-JESA Osun State
    26. GTC, ILE-IFE Osun State
    27. GTC, INISA Osun State
    28. GTC, IWO Osun State
    29. GTC,OSU Osun State
    30. GTC, OTAN AYEGBAJU Osun State
    31. OSUN STATE COLLEGE OF EDUCATION, ILA-ORANGUN
    32. GOVERNMENT TECHNICAL COLLEGE ILE-IFE
    33. OSUN STATE COLLEGE OF TECHNOLOGY
    34. Taraba State University, Jalingo
    35. Umar Suleiman College of Education, Gashua, Yobe State
    36. Zamfara State University, Talata Mafara

    Steps to apply for the FG student’s loan

    CREATE AN ACCOUNT

    • Step 1: visit www.nelf.gov.ng
    • Step 2: Click on the “Apply Now”
    • Step 3: Click on “Get Started”
    • Step 4: Answer the questions on this page to continue by clicking on “Yes, I am a Nigerian”
    • Step 5: Verify your educational information. You would be required to select your school from a dropdown and provide your matric number to check if your school has uploaded your details.
    • Step 6: Click the “Verify with JAMB” and enter your JAMB details in the screen. (Students whose NIN has not been registered with JAMB will have an input field where they can enter their NIN for validation.)
    • Step 7: Create an account by entering your Email address, Password and Confirm Password in the fields provided and click “Create Account”.
    • Step 8: Click the email verification link sent to your email. This concludes the process of creating an account.

    HOW TO COMPLETE YOUR PROFILE

    After successful registration, log in by clicking the “LOGIN” button.

    • Step 1: Enter your email address and password to Login.
    • Step 2: Click on the “Proceed to Contact Details” button.
    • Step 3: Update contact details with the current information of your Phone Number, Full Residential Address, State of Residence and Local Government Area of Residence and click “Proceed to Educational Details”.
    • Step 4: Update your educational details by selecting your Higher Institution and inputting your Matric Number, then click “Proceed to Account Details”
    • Step 5: Verify your BVN by entering your BVN, select your Bank Name and enter your Account Number. Click “Save Changes” to complete your profile.

    LOAN APPLICATION 

    • Step 1: Click on the “Request for Student Loan” button at the top right of the screen on the home or loans page after logging into the application.
    • Step 2: If you want an upkeep loan, click the check box, and click Continue, if all you need is the institutional charge, click the “Continue” button.
    • Step 3: Upload supporting documents. The admission letter is compulsory which the Student ID and Institution Invoice are optional.
    • Click the checkbox for the policy and declaration and click “Continue”
    • Step 4: Read the loan overview and click the check boxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”
    • Step 5: Click on the “Loans” button to view the status of your application.

    TNG reports President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students. The scheme, which was supposed to have taken off in October 2023, was deferred until a re-enactment in April 2024.

  • JUST IN: NELFUND postpones student loan application

    JUST IN: NELFUND postpones student loan application

    The Management of Nigerian Education Loan Fund, NELFUND, on Tuesday announced a 14-day postponement of the application process for student loan for state institutions.

    In a statement, NELFUND 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.

    “To date, only a limited number of state-owned institutions have successfully completed the data submission process. These include 20 state universities out of 48, 12 state colleges out of 54, and 2 state polytechnics out of 49.

    “While we acknowledge the efforts of these institutions, the failure to submit data from the remaining state institutions poses significant challenges to ensuring a seamless and accurate verification process for student loan applicants.

    “The application window, initially set to open on June 25, 2024, will now commence on July 10, 2024.”

    The Fund said the extension will provide additional time for state institutions to comply with the data submission requirements and ensure their students can benefit from the Federal Government student loan scheme.

    To facilitate an efficient and error-free application process, it is crucial that all state institutions provide complete and accurate information.

    This includes JAMB numbers, matriculation numbers, admission numbers, full names, level, faculties, departments, duration of program, fees, and gender of all eligible students.

    Incomplete or incorrect data submissions will result in application delays and potential disqualification for affected students.

    The fund urged all state institutions to expedite their data submission processes and ensure the accuracy of the information provided.

    It further warned that Institutions that fail to meet the revised deadline risk disadvantaging their students, who depend on these loans to support their education.

  • Over 60,000 Federal University students already applied for loan – NELFUND

    Over 60,000 Federal University students already applied for loan – NELFUND

    Akintunde Sawyerr, the Managing Director of Nigeria Education Loan Fund, NELFUND,  has revealed  that over 60,000 students from federal universities have registered for the student loan scheme since its launch.

    Sawyerr made this known at a press conference in Abuja on Thursday.

    According to him, 90 per cent of federal universities have submitted their students’ data to the NELFUND’s dashboard, adding that 10 per cent were yet to submit theirs.

    He stated that the student loan scheme will take off with 1.2 million students as beneficiaries and the loan would be paid directly to their various institutions.

    Sawyer added that the portal for state owned tertiary institutions will be open in three weeks, and urged them to begin submitting their students’ data for processing.

  • NELFUND: How to successfully apply for student loan

    NELFUND: How to successfully apply for student loan

    The Nigerian Education Loan Fund (NELFUND) in the early hours of Friday opened the application portal for the first phase of the students loan scheme.

    TheNewsGuru.com (TNG) reports the students loan website had the scheme’s pilot phase opened to students of federal tertiary institutions.

    Here is how to successfully apply for student loan on the portal:

    CREATING AN ACCOUNT 

    Step 1: visit http://nelf.gov.ng

    Step 2: Click on the “Apply Now”

    Step 3: Click on “Get Started”

    Step 4: Answer the questions on this page to continue by clicking on “Yes, I am a Nigerian”

    Step 5: Verify your educational information. You would be required to select your school from a dropdown and provide your matric number to check if your school has uploaded your details.

    Step 6: Click the “Verify with JAMB” and enter your JAMB details in the screen.

    (Students whose NIN has not been registered with JAMB will have an input field where they can enter their NIN for validation.)

    Step 7: Create an account by entering your Email address, Password and Confirm Password in the fields provided and click “Create Account”.

    Step 8: Click the email verification link sent to your email.

    This concludes the process of creating an account.

    HOW TO COMPLETE YOUR PROFILE 

    After successful registration, log in by clicking the “LOGIN” button.

    Step 1: Enter your email address and password to Login.

    Step 2: Click on the “Proceed to Contact Details” button.

    Step 3: Update contact details with the current information of your Phone Number, Full Residential Address, State of Residence and Local Government Area of Residence and click “Proceed to Educational Details”

    Step 4: Update your educational details by selecting your Higher Institution and inputting your Matric Number, then click “Proceed to Account Details”

    Step 5: Verify your BVN by entering your BVN, select your Bank Name and enter your Account Number. Click “Save Changes” to complete your profile.

    LOAN APPLICATION 

    Step 1: Click on the “Request for Student Loan” button at the top right of the screen on the home or loans page after logging into the application.

    Step 2: If you want an upkeep loan, click the check box, and click Continue, if all you need is the institutional charge, click the “Continue” button.

    Step 3: Upload supporting documents. The admission letter is compulsory which the Student ID and Institution Invoice are optional.

    Click the checkbox for the policy and declaration and click “Continue”

    Step 4: Read the loan overview and click the check boxes for both the Terms & Conditions and GSI Mandate then click “Submit Application”

    Step 5: Click on the “Loans” button to view the status of your application.

  • Students loan application portal goes live

    Students loan application portal goes live

    The Nigerian Education Loan Fund (NELFUND) has opened the application portal for the first phase of the student loan scheme, for students from federal institutions across the country.

    The loan website which became active in the early hours of Friday had the scheme’s pilot phase opened to students of federal tertiary institutions.

    Recall President Bola Tinubu enacted an initial version of the student loan policy in June 2023 to grant interest-free loans to students.

    The scheme, which was supposed to have taken off in October 2023, was deferred until a re-enactment in April 2024.

    However, NELFUND finally scheduled the opening of the loan application and issuance portal for May 24, which is now in operation.

    Meanwhile, the Media and Public Relations Lead of NELFUND, Mr Nasir Ayitogo has released the step by step application process for the student loan.

  • Student loan scheme: NELFUND reveals those to benefit first

    Student loan scheme: NELFUND reveals those to benefit first

    The Managing Director, Nigerian Education Loan Fund (NELFUND), Mr Akintunde Sawyerr says students in federal tertiary institutions would first be considered in the roll out of the scheme.

    Sawyerr disclosed this in Abuja on Monday, at a news conference on pre-application sensitisation on the loan scheme.

    He said that the Fund would roll out its obligations to federal universities, polytechnics and colleges of education which had completed and uploaded their students’ data on their dashboard.

    Sawyerr stressed that uploading of students’ data on the Fund’s dashboard by their schools was the only means through which the students would be eligible to apply for the loan.

    He said NELFUND had partnered with the institutions for seamless upload of the students’ data and the loan would be paid 100 per cent to the beneficiaries through their institutions.

    Sawyerr called on federal tertiary institutions, yet to upload details of their students to do so.

    “The loan application will be opened on May 24. We are starting with the federal tertiary institutions, but the loan will, eventually, be rolled out to state institutions too,’’ he said.

    Sawyerr added that the beneficiaries would be made to pay the loan, two years after completion of their National Youth Service Corp (NYSC), on condition that the individual had secured employment.

    According to him, the repayment is expected to be made by the beneficiaries regardless, of where they get their job after their NYSC.

    Speaking on what becomes of the scheme in cases of death, mental and physical illness of the beneficiaries, he said the fund is looking at an insurance model that will address bad loans.

    He also noted that the NELFund establishment Act has made case for debt forgiveness.

    “The first thing we are doing is to try to make sure that we have adequate information about the application for the loan, as much as possible.

    “We need to know that those who applied for the loan are bonafide Nigerian citizens and they are of good standing and we have various ways to know that.

    “We are working with security agencies to ensure the people who are applying for this loan are not people who may want to defraud the system.

    “We will also follow up on the beneficiaries each year they apply and ensure we are in constant communication with them.

    “We are looking at an insurance model to ensure loans that are bad, are handled. This will help to protect tax-payers money,” he said.

    He urged students to apply by logging into its portal through www.nelf.gov.ng and create an account using their existing credentials.

    Sawyerr said the students would also be required to document their information such as their JAMB admission letter, NIN and BVN.

    He listed other required information to include, personal details, academic information, and financial needs.

  • Students loan application portal opens May 24 – NELFUND

    Students loan application portal opens May 24 – NELFUND

    The Nigerian Education Loan Fund (NELFUND),  has announced May 24 as official date for the opening of portal for student loan applications.

    The Managing Director of NELFUND,  Mr Akintunde Sawyerr, disclosed this on Thursday  in a statement made available to newsmen in Abuja by the Fund’s Media and Public Relations Lead, Nasir Ayitogo.

    Sawyerr said the opening of the portal marked a significant milestone in the commitment of President Bola Tinubu to foster accessible and inclusive education for all Nigerian students.

    According to him, through the portal, students could now access loans to pursue their academic aspirations without financial constraints.

    He added that the portal provides a user-friendly interface for students to submit their loan applications conveniently.

    “We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation,” he said.

    Sawyerr urged students to access the portal on www.nelf.gov.ng to begin application.

  • BREAKING: Tinubu appoints Jim Ovia to oversee students loan

    BREAKING: Tinubu appoints Jim Ovia to oversee students loan

    President Bola Tinubu has approved the appointment of renowned banker and businessman, Mr. Jim Ovia, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).

    TheNewsGuru.com (TNG) reports this is contained in a statement released on Friday by Ajuri Ngelale, Special Adviser to the President on Media & Publicity.

    Mr. Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

    He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.

    The statement reads: “The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

    “The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

    “The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century”.

  • Tinubu appoints management team of Education Loan Fund

    Tinubu appoints management team of Education Loan Fund

    President Bola Tinubu has approved the appointment of three qualified Nigerians to serve on the management team of the Nigerian Education Loan Fund (NELFUND).

    This is stated in a statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, on Friday in Abuja.

    Ngelale said that this was in line with Tinubu’s determination to secure Nigeria’s socio-economic future by ensuring sustainable higher education and critical skill development for all Nigerian students and the youth.

    He said that the appointees are Mr Akintunde Sawyerr – Managing Director/CEO, and Mr Frederick Oluwafemi Akinfala – Executive Director, Finance and Administration.

    The Presidential spokesman said that Mr Mustapha Iyal was also appointed as the fund’s Executive Director, Operations.

    He said that the President expected the appointment would ensure that the necessary apparatuses are put in place for the effective take-off of the Fund for the immediate and lasting benefit of Nigerian students and families.