The Nigerian Education Loan Fund says it has released more than N206billion as interest free loans to support students in public tertiary institutions across the country since the programme began nearly two years ago
The agency revealing this in its daily fund’ status report issued on Monday, said the N206.29billion was disbursed to 1,164,222 students who successfully applied for the scheme from about 270 tertiary institutions nationwide.
NELFUND opened its loan application portal on May 24, 2024. Since then, 1,734,985 students have submitted applications seeking financial assistance for their education.
Out of this figure, more than 1.16 million students have already received payments under the scheme.
A breakdown of the disbursement, shows that N128.84bn was paid directly to higher institutions to cover tuition fees for the beneficiaries. In addition, N77.45bn was paid to students as upkeep allowances to support their living expenses while studying.
The report also noted a slight increase in applications, with 1,910 new submissions recorded compared to the previous day. This represents a 0.1 per cent rise in the number of applicants.
NELFUND was set up by the Federal Government following the enactment of the Student Loans Act. The initiative is designed to assist eligible students in public tertiary institutions with funds for tuition and daily expenses, particularly those who may struggle to finance their education.
Under the scheme, beneficiaries are expected to begin repayment after completing their studies and securing employment.
The arrangement is intended to make the programme sustainable while ensuring that students are not burdened with repayments before they are financially stable.
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