President Bola Tinubu has approved N35 billion take – off fund for the student loan scheme, signed into law on April 3.
Although, the federal government has not officially announced the figure, The Nation reports that the fund will be disbursed based on the timetable and calendars of the academic session of each institution.
According to The Nation, the Managing Director/Chief Executive Officer, NELFUND, Akintunde Sawyerr, said: “The funds will be disbursed based on the timetable and calendars of the academic session of each institution. The portal for students to apply for the loan opened on May 24, 2024.
“The portal will be permanently open because institutions don’t have a uniform calendar,” Sawyerr added.
Daily Intel Newspaper gathered that no fewer than 1.2 million students are expected to benefit from the programme.
Eligible applicants are required to provide the following: letter from Joint Admissions and Matriculation Board ,JAMB, National Identification Number ,NIN , and Bank Verification Number ,BVN.
Students in Federal Government-owned tertiary institutions will be the first batch of beneficiaries of the loan scheme.
Those from state-owned tertiary institutions will benefit from the scheme too.
The agency said it would start receiving applications from students in state-owned tertiary institutions from June 25, 2024.
The loan, which is an equivalent of the tuition fees of the benefitting students, would be paid directly to their institutions.
The stipends for students would be paid directly to beneficiaries on a monthly basis to assist them buy other things that can make them comfortable while pursuing their education.
It was gathered that the agency is working with 126 tertiary institutions on the scheme.
According to the law, repayment will commence two years after the completion of the National Youth Service Corps ,NYSC, programme.
