Breaking: FG Announces Date to Open Student Loan Portal - Check Out the Date
Friday 9 February 2024
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In a highly awaited development, President Bola Ahmed Tinubu will officially launch the student loan scheme in Abuja on February 21, as exclusively reported by TheCable. This initiative aims to provide financial assistance to Nigerian students enrolled in higher institutions, promoting widespread access to education.
The student loan features a flexible repayment plan, starting two years after the completion of the National Youth Service. President Tinubu has also directed the inclusion of individuals with informal education and students from private universities who meet the qualifications. CONTINUE READING.....
The initial phase of the program will be limited to current university students, with plans for expansion in subsequent phases. The launch, previously on hold, focused on perfecting administrative and logistical infrastructure for a smooth rollout.
To eliminate potential biases, graft, and prejudice associated with human interaction, the application process will be entirely technology-driven. Applicants must meet specific eligibility criteria, including being Nigerian citizens, bona fide students of higher institutions, qualifying for financial inclusion, and maintaining acceptable academic performance.
The application portal, set to be unveiled at the launch, will require basic personal data, including the national identification number (NIN), bank verification number (BVN), and JAMB number for seamless verification. CONTINUE READING.....
Loans will be disbursed directly to schools through the Nigerian Education Loan Fund (NELFUND)'s single treasury account at the Central Bank of Nigeria (CBN), bypassing intermediaries like commercial banks and finance houses.
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The special committee of NELFUND, as stipulated by law, will include key figures such as the CBN governor, the executive secretary of NELFUND, a representative of the Minister of Education, and others from relevant sectors.
The Students Loans (Access to Higher Education) Act, passed by the National Assembly in 2023, aims to provide interest-free loans to indigent Nigerians, facilitating easy access to higher education. President Tinubu signed the act into law on June 13, 2023, demonstrating the government's commitment to enhancing educational opportunities for the country's youth.
As the portal goes live on February 21, this initiative is expected to make significant strides in promoting education accessibility and affordability for Nigerian students.
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