The Nigerian Education Loan Fund, NELFUND managing director, Akintunde Sawyerr in a press conference on Monday in Abuja disclosed that the Federal Government student loan will only be available to students of federal institutions for now.

As the application opens on May 24, The NELFUND director declare that state owned institutions will not benefit immediately from the loan as the scheme is prepare to take off with federal institutions.

He further added that only students whose universities provided their data to the funds dashboard would be eligible for the loan.

The director also made it known that the fund will not be paid directly to the student account but directly to their schools account.

However, he mentioned that certain allowances would be paid to the students bank account to enable them to get other things and make education comfortable for them.

OPPORTUNITY FOR SKILL ACQUISITIONALS

The NELFUND manager revealed that the fund would soon be stretched to those who wants to acquire vocational skills and a programme for skill acquisitions will be provided.

“We will soon begin a programme for those who want to acquire vocational skills, But the first set to benefit from of this loan are students of federal institutions, at all levels. It will be for students of all government institutions going forward.”

REPAYMENT OF THE LOAN

He clarified that the student would only be expected to pay back 2 years after securing a job whether Government owned or self employed.

According to him, Securities measure has been put in place to fish out anyone who tries to tamper with the program, and no criminal intentions will be allowed.

He added that , The Nigeria Education Loan Fund (NELFUND) is pleased to announce the beginning of student loan fund in Nigeria which will kick start on May 24.

He reminded the public that, this is one of the commitment Renewed Hope Agenda President Bola Ahmed Tinubu Made to the people to see to the advancement of needy students in pursuing their educations.

He then urge all student to submit their applications as early as possible in order to ensure fast processing, and also encourage all student to to take advantage of the great opportunity.