The Federal Government has announced that the portal for student loan applications will officially be opened on Friday, May 24, 2024. This was disclosed in a statement released on Thursday by Nasir Ayitogo, the Media and Public Relations Lead of the Nigerian Education Loan Fund (NELFUND).
Portal Opening Date and Significance
“The management of the Nigerian Education Loan Fund (NELFUND), led by its Managing Director, Mr. Akintunde Sawyerr, is thrilled to announce the 24th of May, 2024 as the official date for the opening of the portal for student loan applications,” Ayitogo stated. This announcement marks a significant milestone in President Bola Tinubu’s commitment to fostering accessible and inclusive education for all Nigerian students.
Application Details and Encouragement
Through the portal, students can now access loans to pursue their academic aspirations without financial constraints. “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,” the statement read. Students can access the portal at www.nelf.gov.ng to initiate their applications.
Legislative Background
In April 2024, President Tinubu took a momentous step by signing the Student Loan Act 2024 into law. This Act ensures that no student is deprived of the chance to shape their future, irrespective of their background. The Nigerian Education Loan Fund (NELFUND) was established by the Act to offer loans for tuition, fees, and living expenses at recognized higher education and vocational training institutions across Nigeria.
Removal of Income and Guarantor Requirements
The Act removed the requirement of a family income threshold, enabling all Nigerian students to apply for these loans and take on the responsibility of repayment. The guarantor requirement was also eliminated, so students can receive loans subject only to NELFUND’s application and identity verification guidelines. This ensures that students are no longer disqualified based on their parent’s loan history.
Loan Repayment and Provisions
Regarding the repayment of loans, the Student Loan Act stipulates that the Fund will not initiate recovery efforts until two years after the completion of the National Youth Service Programme. A beneficiary has the option to request an extension of enforcement action by submitting an affidavit affirming their unemployment and lack of income. Anyone who provides false information to the Fund in this regard is considered guilty of a felony and may face imprisonment for three years.
The Act also incorporates provisions for loan forgiveness in cases of the borrower’s unfortunate demise or unforeseen circumstances, such as acts of God, that render them unable to repay the loan.
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Written By: Doris Chinwe Omemgbeoji