Three Hundred And Thirty Six State Institutions Listed As Sixty Thousand Apply For Student Loan

The Federal Government has extended the student loan to state tertiary institutions across the federation.

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Dr Akintunde Sawyerr, who revealed this in Abuja, on Thursday, said that the students in the state institutions could apply for the student loan when the second phase of the student loan application starts on June 25.

Information gathered from the students' loan portal indicate no fewer than three hundred and thirty six state tertiary institutions in the country consisting of universities, colleges of education and technical colleges will gain from the student loan.

Statistics obtained from the National Universities Commission website indicate that there are sixty three state universities.

The National Board for Technical Education on its website listed fifty four state polytechnics, fifty seven state monothenics and one hundred and eleven state technical colleges.

The National Commission for Colleges of Education’s website shows that there are fifty one state colleges of education in the country.

Also, no fewer than sixty thousand federal instiutions have applied on the student loan application portal so far.

The Nigerian Education Loan Fund (NELFUND) kicked off its student loan application portal in the first phase of the application exercise which started on May 24.

The first phase accepted student loan applications from federal tertiary institutions.

About 1,200,000 students in two hundred and twenty six federal universities, polytechnics, colleges of education, and technical colleges were expected to benefit from the first phase of the student loan.

Information gotten from the National Universities Commission (NUC) and other agencies indicated that the nation has two hundred and twenty six federal tertiary institutions comprising sixty two universities, forty one polytechnics, ninety six monotechnics and twenty seven colleges of education.

Giving the latest update on the student loan at a press conference on Thursday, Dr Akintunde Sawyerr, revealed that the Fund would start receiving student loan applications from state universities on the 25th of June.

Dr Akintunde Sawyerr, requested all state institutions to submit their students’ information immediately in order to facilitate a smooth and seamless student loan application process.

Dr Akintunde Sawyerr, added that the component for skill acquisition loans would be launched in six months.

The NELFUND boss said, “Beyond financial assistance, NELFUND recognises the profound importance of equipping our youth with practical, market-relevant skills.

“Six months from today, we will launch a comprehensive skills acquisition programme, providing training in various vocational and technical fields.

“This programme is designed to prepare students to meet the demands of the modern job market, fostering entrepreneurship and innovation among our young people.”

Dr Akintunde Sawyerr, said over sixty thousand student loan applications had been received by the agency since application for the first phase began last Friday.

Dr Akintunde Sawyerr, said the student loan application did not necessarily translate to completed student loan applications, adding that only thirty thousand had successfully registered for the student loan.

”Sixty thousand are those who have registered on the platform. About 30,000 have successfully applied for the loan but that does not mean the 30,000 have been approved. Up until this point, nobody has been given the loan. Now is the time for evaluation.

“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand,” the NELFUND executive secretary assured.

He disclosed that over 90 per cent of federal tertiary institutions had submitted their students’ information to NELFUND, adding that only two federal universities and five federal polytechnics have yet to do so.

“We urge the remaining two federal universities and five federal polytechnics to expedite the process to ensure that all eligible students can access our financial support,” he said.

President Bola Ahmed Tinubu signed the Access to Higher Education Act, 2023, into law on June 12, 2023, to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution.

The executive bill titled, ‘A Bill for an Act to repeal the Students Loans (Access to Higher Education) Act, 2023 and Enact the Student Loans (Access to Higher Education) Bill, 2004 to Establish the Nigerian Education Loan Fund as a body corporate to receive, manage and invest funds to provide loans to Nigerians for higher education, vocational training and skills acquisition and related matters,’ was signed in the presence of the leadership of the National Assembly, ministers and major stakeholders of education.

The Act empowers the Nigeria Education Loan Fund to provide loans to qualified Nigerian students for tuition, fees, charges and upkeep during their studies in approved public tertiary institutions and vocational and skills acquisition establishments in the country.

The new law which repealed the Student Loan Act, 2023, removed the family income threshold so students can apply for loans and accept responsibility for repayment, according to the Fund’s guidelines.

After signing the bill, Tinubu said no Nigerian, regardless of background, would be excluded from obtaining quality education.

“This is to ensure that no one, no matter how poor their background is, is excluded from quality education and opportunity to build their future,” said the President at the State House, Abuja.

Although the government initially announced that the student loan would be launched in September, it suffered several delays leading to an indefinite postponement.

The Presidency had linked the delay to President Bola Ahmed Tinubu’s directive to expand the student loan to include loans for vocational skills.

Last Thursday, the Nigerian Education Loan Fund announced May 24 as the official date for the opening of the portal for student loan applications.

Although the government initially announced that the student would be launched in September, it suffered several delays leading to an indefinite postponement.

After receiving a briefing from the NELFUND team led by the Minister of State for Education, Dr Yusuf Sununu, on January 22, the President directed the Fund to extend interest-free loans to Nigerian students interested in skill-development programmes.

President Bola Ahmed Tinubu based his decision on the need for the student loan to accommodate those who may not want to pursue a university education, noting that skill acquisition is as essential as obtaining undergraduate and graduate academic qualifications.

Addressing journalists ahead of the opening of the portal last week, Dr Akintunde Sawyerr, said about 1,200,000 in federal institutions would participate in the first phase of the student loan.

“There are approximately 1.2 m students in federal tertiary institutions owned by the government.

“Today, by inference, 1.2m students maximum at the federal level (will benefit), but there might be an opportunity to increase the capacity in terms of more institutions, and when we begin to bring in state-owned institutions, then the numbers can go up,’’ Dr Akintunde Sawyerr said.

One of the key features of the student loan, Dr Akintunde Sawyerr, emphasized, is the absence of physical contact between the student loan applicant and NELFUND.

According to Dr Akintunde Sawyerr, the student loan application portal provides a user-friendly interface for students to submit their student loan applications easily.

Dr Akintunde Sawyerr, said that only students whose institutions had uploaded their information on the Fund’s dashboard would be eligible to apply for the student loan.

Dr Akintunde Sawyerr, called on students in federal tertiary institutions to visit the website, www.nelf.gov.ng and apply for the student loan.

Dr Akintunde Sawyerr, said the student loan application requirements include the admission letter from the Joint Admission and Matriculation Board, National Identity Number, and Bank Verification Number as well as completed student loan application forms from the student loan application portal.

“The loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions. Applicants can access online support to assist with any questions or concerns during the application process.

“We believe that education is a vital investment for the future. We envisage that the student loan initiative of Mr. President is a testament to this commitment,” Dr Akintunde Sawyerr, said.

https://punchng.com/student-loan-336-state-institutions-listed-as-60000-register/