Do you apply for NELFUND student loan? This is to inform applicants that the Nigerian Education Loan Fund (NELFUND) has disbursed over 1.17 billion Naira in institutional fees as part of the federal government’s student loan scheme, https://nelf.gov.ng.
Akintunde Sawyerr, the managing director of NELFUND, announced that N1,172,388,340 had been distributed to support 20,000 beneficiaries of the program. He explained that NELFUND chose certain schools and paid the beneficiaries’ “institutional fees” in alignment with their active academic schedules.
Additionally, Sawyerr mentioned that the fund is currently in the process of reviewing applications from another 100 institutions.
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“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 announced that an additional N850 million would be disbursed to various institutions. He revealed that 260,000 students had been approved for upkeep loans and institutional charges, each amounting to N250,000 annually, though students could apply for less.
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He noted that not all students taking the institutional loan opted for the upkeep loan, which is disbursed based on need. When asked about loans for postgraduate students, Sawyerr clarified that the fund’s mandate is focused on undergraduates with the least opportunities.
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