The Nigerian Education Loan Fund (NELFUND) states that UTME registration number, National Identification Number, and Bank Verification Number are essential for accessing Student Loans.
NELFUND’s Managing Director, Mr. Akintunde Sawyerr, shared this information during an interactive session with members of the Education Writers Association of Nigeria (EWAN) in Lagos.
“About 1.2 million Nigerian students in tertiary institutions and government-recognised skill acquisition centres will be among the first batch of beneficiaries,” he said.
The Managing Director stated that the funding for the loan scheme amounts to one percent of the Federal Inland Revenue Service’s annual revenue.
Sawyerr said that the requirements for accessing the laon were to confirm eligibility.
He said that the management of the loan scheme would verify applications and attached requirements to ascertain eligibility.
He said that disbursement would be in two segments.
“The school fee will be paid to the institution on behalf of the student and the stipend directly to student’s account,” he said.
According to the managing director, financially-indigent undergraduates, who need the loan for their education, are free to apply on a designed website and must provide their matriculation details.
He said that the beneficiaries would be expected to start servicing the loans when they would secure jobs or set up businesses.
