NELFUND: In 24Hours 9,687 Student Loan Applications Received

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The Nigeria Education Loan Fund (NELFUND) has announced a significant achievement, reporting the highest number of student loan applications received within a 24-hour period since the launch of its portal on May 25, 2024. On Wednesday, NELFUND revealed that it had recorded 9,687 student registrations, with 7,975 completed loan applications on August 7, 2024.

In a statement, NELFUND emphasized that this surge in applications underscores the crucial role the fund plays in providing access to higher education for students facing financial difficulties. The organization highlighted that the high volume of applications reflects the pressing need for financial assistance among Nigerian students, further demonstrating the importance of NELFUND’s mission to support those struggling to finance their tertiary education.

Since the portal's launch, NELFUND has seen a steady influx of applications, which it attributes to the effectiveness of its streamlined, user-friendly application process and the availability of a dedicated support team to assist applicants. This achievement aligns with President Bola Ahmed Tinubu’s vision to make higher education more accessible to low-income Nigerians. The student loan scheme is a key initiative under President Tinubu's administration, with the Access to Higher Education Act, signed shortly after his inauguration, providing the legal framework for these loans.

On July 31, 2024, NELFUND, for the first time, released data on the disbursement of student loans, a move aimed at ensuring transparency and accountability, according to NELFUND’s Managing Director, Akintunde Sawyerr. The fund, established under the reenacted Access to Higher Education Act, is responsible for handling all aspects of the loan process, from applications to disbursement and recovery.

NELFUND continues to urge eligible students in need of financial support to take advantage of this loan opportunity, as the fund remains committed to enabling access to higher education across Nigeria.