National Telescope national telescope newspaper
The Nigerian Education Loan Fund (NELFUND) has disbursed N11 billion in student loans over the past six months, benefitting 90,000 students nationwide.
The NELFUND’s Managing Director, Dr. Akintunde Sawyerr, stated this during an oversight visit by the Senate Committee on Tertiary Institutions and TETFUND, chaired by Senator Muntari Dandutse, in Abuja.
Dr. Sawyerr explained that the funds have covered tuition and stipends for these students, noting that 300 students have been formally approved for loans after a rigorous vetting process to ensure only qualified applicants receive support.
Out of the N96 billion allocated for student loans, N11 billion has been disbursed so far, with the remaining funds to be distributed in the coming weeks.
The loan comes in two categories: the Institutional Loan for tuition and the Upkeep Loan for living expenses.
Students only need to apply for the Institutional Loan to be eligible for the Upkeep Loan, streamlining access to financial aid.
