Money has been a reason some persons put forward when they talk about why they are not graduates. But all that is expected to be in the past with the student loan scheme.
The Nigerian Government has officially rolled out the Student Loan Scheme under the administration of President Bola Tinubu.
This scheme aims to assist 1.2 million students in its inaugural batch.
With this initiative, the Managing Director/Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyer, is set to transform the educational landscape.
This will be done by providing financial support to tertiary institution students who meet specific criteria.
The funding for this ambitious programme will be sourced from one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS).
The amount is projected to reach ₦194 billion if targets are met.
Eligibility For Student Loan
“All is set for the commencement of registration and application,” Sawyer announced, marking a significant step towards educational accessibility.
To qualify for the loan, applicants must fulfill several requirements.
This includes, providing their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN).
Additionally, existing students must provide their matriculation details to be considered eligible.
This structured approach aims to ensure that the scheme reaches deserving students while maintaining accountability and effective utilisation of the funds.
Financial Burden
The programme is expected to significantly ease the financial burden on students and their families.
It will also foster higher education attainment and contribute to national development.
Sawyer further explained what the student loan would cover for each successful applicant.
In his words: “We will be paying their fees—the full amount—directly to the institutions. There will also be a stipend paid to the individuals.
Experience Of Being A Student
He continued: “At regular intervals, the beneficiaries will receive money for their upkeep so that they can do the basic things—feeding, photocopying handouts, and data.
Also Read: What President Tinubu Said After Signing Student Loan Bill
“They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students.
“We all know that students’ survival is on another level”.
President Tinubu has repeatedly stated his intention to ensure that no Nigerian student drops out of tertiary institutions for lack of funds.
