Over 100,000 students who have successfully applied for loans under the Nigerian Education Loan Fund (NELFUND) will have to wait approximately three weeks for approval, NELFUND spokesperson Nasir Ayiyogo revealed on Wednesday.
Ayiyogo confirmed that no loans have been disbursed yet, but the application process has been smooth. “Applicants will start getting approvals for their loans in less than three weeks,” he said, noting that the loan amounts will cover 100% of institutional charges.
Managing Director of NELFUND, Akintunde Sawyerr, highlighted the significant interest in the scheme, with around 60,000 registrations and 30,000 complete applications so far. “No loan has been approved yet. Now is the time for evaluation,” Sawyerr noted, underscoring the need for financial assistance among students.
Sawyerr also mentioned that applications from state-owned institutions would commence on June 25, while those from private institutions remain excluded for now. He stressed that security measures are in place to prevent abuse of the program.
The rush to apply reflects the challenging economic conditions, according to National Parent Teacher Association of Nigeria President, Alhaji Haruna Danjuma. “Many parents are finding it difficult to pay tuition fees due to job losses and underemployment,” he said.
