The Nigerian Education Loan Fund (NELFUND) has announced the onboarding of additional 12 state-owned tertiary institutions to the list of institutions eligible for student loan applications, effective Wednesday, July 10, 2024.
This is contained in a statement signed by the spokesperson of NELFUND, Nasir Ayitogo, on Wednesday.
Ayitogo stated that the expansion follows the successful submission and verification of data completeness and accuracy required from the institutions.
According to him, the total number of participating state-owned tertiary institutions has increased from the initial 36 to 48.
He, however, noted that data from 121 institutions is still outstanding.
“The Management of Nigerian Education Loan Fund (NELFUND) is delighted to announce the onboarding of an additional twelve (12) state government-owned tertiary institutions to the student loan application portal.
“This expansion comes following the successful submission and verification of data completeness and accuracy required from the institutions.
“With this latest addition, the total number of participating state government-owned tertiary institutions has now increased from the initial 36 announced earlier to 48. Students data from 121 institutions is outstanding,” he said.
Below are complete lists of the 12 state-owned tertiary institutions currently approved for student loan application by NELFUND:
TheWitness reported earlier that NELFUND commenced student loan applications for 36 state-owned tertiary institutions across Nigeria.
According to NELFUND, these institutions have successfully submitted their student data to the NELFUND Student Verification System (SVS).
The management has also urged other state-owned tertiary institutions to promptly submit their complete student data to the NELFUND SVS to ensure their students can benefit from the scheme.
See here the universities on the previous list.
The revised Student Loan Act 2024 aims to eliminate financial barriers and make education accessible to all Nigerian students, regardless of their economic background.
NELFUND’s primary funding sources include a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, amounting to 1% of their total revenues.
Additionally, the fund will receive contributions from government profits generated through natural resource exploitation, education bonds, endowment fund schemes, and donations from individuals and organizations.
The loans cover tuition, fees, and maintenance costs, with repayment starting two years after the beneficiary completes the NYSC program.
