The Nigerian Education Loan Fund (NELFUND) has revealed that it has disbursed at least ₦11 billion worth of loans to students in higher institutions across the country.
NELFUND made this disclosure on Wednesday evening in a post on its official X account where it provided an update on the disbursement of loans to students.
“98 Institutions across all geo-political zones are now benefiting from student loans,” it wrote on X.
“105,844 Students are receiving financial support, empowering them to achieve their educational dreams even as ₦11,047,793,949.80 has been disbursed to date.”
The Student Loan initiative (SLI) is a program established by the Federal Government of Nigeria to break financial barriers in higher education.
It has been designed to help in revolutionising the accessibility to education across Nigeria and also reducing financial stress on students and families.
Other benefits of the initiative include a path to educational accessibility without financial hurdles, interest-free loans for tuition fees and equal access to higher education for all eligible candidates.
To apply for the loan, interested candidates have been directed to register on the Student Loan Application platform by clicking the “APPLY NOW” button to get started.
The second step is to click on the “Request for Student Loan” button and complete the loan application steps after which applicants have been directed to submit.
“Step 3: Your application will be reviewed. After successful verification, payments will be made to your institution for institutional charge while the upkeep loan will be paid to the bank account you have provided in your profile,” NELFUND wrote on its official website.
