The Management of the Nigerian Education Loan Fund (NELFUND) has announced the postponement of applications for state-owned tertiary institutions for the next 14 days.
This is contained in a statement signed by the head of Media and Public Relations of the Fund, Nasir Ayitogo, on Tuesday.
NELFUND noted that the postponement was necessitated by the failure of several state-owned institutions to upload the required student data and fee information to the NELFUND Student Verification System (SVS).
According to Ayitogo, only a limited number of state-owned institutions have successfully completed the data submission process since its inception.
“The Management of Nigerian Education Loan Fund (NELFUND) hereby announce a 14-day postponement of the application process for student loans for state institutions due to low data submissions.
“This decision was necessitated by the failure of several state-owned institutions to upload the required student data and fees information to the NELFUND Student Verification System (SVS).
“To date, only a limited number of state owned institutions have successfully completed the data submission process. These include 20 state universities out of 48, 12 state colleges out of 54 and 2 state polytechnics out of 49.
“The application window, initially set to open on June 25, 2024, will now commence on July 10, 2024,” the statement read.
The Fund said the extension will provide additional time for state institutions to comply with the data submission requirements and ensure their students can benefit from the Federal Government student loan scheme.
To facilitate an efficient and error-free application process, it is crucial that all state institutions provide complete and accurate information.
This includes JAMB numbers, matriculation numbers, admission numbers, full names, level, faculties, departments, duration of program, fees, and gender of all eligible students.
Incomplete or incorrect data submissions will result in application delays and potential disqualification for affected students.
The fund urged all state institutions to expedite their data submission processes and ensure the accuracy of the information provided.
It further warned that Institutions that fail to meet the revised deadline risk disadvantaging their students, who depend on these loans to support their education.
The revised Student Loan Act 2024 was established to remove financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.
The primary sources of funding for NELFUND include a percentage of taxes, levies, and duties collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service, amounting to 1% of their total revenues.
Additionally, the fund will receive contributions from the profits generated by the government’s natural resource exploitation, education bonds, endowment fund schemes, and donations from individuals and organizations.
The loans cover tuition, fees, and maintenance costs, The repayment process starts two years after the beneficiary completes the NYSC program.
