Student loan: Successful applicants to get approvals in three weeks — FG

By Adesina Wahab, Lagos

1min read

The over 100,000 students that have successfully applied for loans under the Nigerian Education Loan Fund, NELFUND, will have to wait for about three weeks to get approvals for their loans, it was gathered.

Also, no loan has been disbursed as at now

Speaking in a chat with Vanguard, the spokesman of NELFUND, Mr Nasir Ayiyogo, said the application process has been going on smoothly.

“The applications are still ongoing smoothly. No loan has been disbursed yet. Applicants will start getting approvals for their loans in less than three weeks.

“The amount will be determined by charges of each institution and NELFUND will cover 100 percent of it, ” he said.

Earlier, the Managing Director of NELFUND, Mr Akintunde Sawyerr, while giving an update on the scheme, said those whose applications were successful would undergo approval evaluation.

“Sixty thousand are those who have registered on the platform. About 30,000 have successfully applied for the loan but that does not mean the 30,000 have been approved. Up until this point, nobody has been given the loan. Now is the time for evaluation.

“The overwhelming response serves as a testament to the critical need for financial assistance among our student population, and we remain committed to addressing this urgent demand,” he said.

Sawyerr said the fund would work with security agencies to ensure that students don’t abuse the programme, hinting that those with criminal intentions would be fished out by the security agencies.