Student Loan Applications Hit 6,000 in Seven Days, Says NELFUND

 

The Nigerian education loan fund (NELFUND) said it had had over 9.5 million visits, with over 6, 000 applications for loans from students in federal tertiary institutions since it opened its portal last Friday.The Managing Director of the fund, Akintunde Sawyerr, while briefing the press at a post-application launch conference on Thursday, said over 90 per cent of federal tertiary institutions have submitted the data of their students with about five institutions remaining.The influx of applications comes amid increasing concerns over the affordability of tertiary education and the rising cost of tuition fees, which have placed a significant financial burden on students and their families. With many aspiring scholars facing limited financial resources, student loans have become a lifeline for those seeking to pursue their academic ambitions.On June 12, 2023, President Bola Tinubu signed the Access to Higher Education Act, 2023 into law to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to process all loan requests, grants, disbursement, and recovery.Although the government initially announced that the scheme would be launched in September, it suffered several delays leading to an indefinite postponement in early March.The Presidency had linked the delay to Tinubu’s directive to expand the scheme to include loans for vocational skills.After receiving a briefing from the NELFUND team led by the Minister of State for Education, Yusuf Sununu, on January 22, the president directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.The surge in student loan applications serves as a poignant reminder of the pivotal role education plays in driving individual success and national development. As stakeholders grapple with the challenges posed by the current education financing landscape, there is a pressing need for innovative solutions that prioritize affordability, accessibility, and equity in higher education.As the nation confronts these challenges, the commitment to expanding educational opportunities and empowering future generations remains paramount. Stay tuned for further developments as NELFUND continues to navigate the evolving landscape of student financing in Nigeria.