Students loan: 1.2m beneficiaries to be in first batch

The Nigerian Education Loan Fund (NELFUND) says the Unified Tertiary Matriculation Examination registration number, national identification number, and bank verification number are major requirements for accessing student loans.

The Managing Director of NELFUND, Mr. Akintunde Sawyerr, made this known during an interactive session with members of the Education Writers Association of Nigeria (EWAN) in Lagos.

“About 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries,” he said.

According to the managing director, the money to fund the loan scheme is one percent of the revenue generated by the Federal Inland Revenue Service annually.

Sawyerr said that the requirements for accessing the loan were to confirm eligibility.

He said that the management of the loan scheme would verify applications and attach requirements to ascertain eligibility.

He said that disbursement would be in two segments.

“The school fee will be paid to the institution on behalf of the student, and the stipend will go directly to the student's account,” he said.

According to the managing director, financially indigent undergraduates whoneed the loan for their education are free to apply on a designed website and must provide their matriculation details.

He said that the beneficiaries would be expected to start servicing the loans when they secured jobs or set up businesses.