FG Approves N35Bn Student Loans for Over 70,000 Applicants

The Nigerian Education Loan Fund (NELFUND) is set to disburse N35 billion in fees and monthly upkeep allowances to 70,000 applicants who are already successful in their loan applications. 

The successful applicants, who are students of federal government-owned tertiary institutions across the country, were drawn from the pool of 120,000 applicants who sent in their applications as of Friday, 21 June, 2024.

the various applicants will have their fees charged by their institutions paid directly into the institutions’ bank accounts.

The fees to be paid, according to sources within the agency, will be the total fees payable by students based on their courses of study which could include other sundry fees such as departmental levies, laboratory fees, and health insurance fees, among others.

The source continued, “the agency has concluded plans to pay N20,000 every month to all the successful applicants for every year of their studentship.”

The agency had earlier confirmed that applicants from tertiary institutions owned by the state governments across the 36 states of the federation will be onboarded beginning from Tuesday, 25 June while also announcing that it would publish the full list of institutions that have submitted their complete students’ data for the Student Verification System (SVS) portal on 24 June.