The Nigerian Education Loan Fund (NELFUND) has announced plans to link its website with institutional portals to eliminate unnecessary delays in verifying students applying for loans.
The Executive Director of Operations at NELFUND, Mustapha Iyal, disclosed this during the NELFUND sensitization program for tertiary institutions in Kwara State, held at the University of Ilorin on Tuesday.
He attributed some of the delays in student verification and subsequent loan disbursement to slow institutional responses. He added that with the new system, loan applicants would complete the process while registering at their respective institutions.
Providing further insight into the update, Iyal stated:
“We observed that one of the main challenges we face is verification. To address this, NELFUND plans to engage institutions directly by integrating our platform with their portals. This way, when students register for courses, they can choose whether to pay via NELFUND, cash, or other means.
“If a student opts to pay through NELFUND, they will fill out the application with their details, which are already available on the institution’s portal. This eliminates the need for students to visit the NELFUND portal separately. This is the kind of synergy we are working towards.”
Addressing complaints raised by students from beneficiary institutions in Kwara State, the NELFUND official assured that efforts were underway to resolve the issues.
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“We are working on ways to streamline the entire process. We have already started addressing the concerns raised. Our team operates 24/7, and we are always available to assist students.”
Also speaking at the event, the newly appointed student representative on the NELFUND board, Umar Faruk Lawal, commended President Bola Tinubu’s administration for launching the student loan initiative.
According to Lawal, the initiative will provide greater access to higher education for underprivileged students.
“One of the President’s key campaign promises was the student loan program, and I am happy to say that it is here to stay. Nigerians can now see that children from disadvantaged backgrounds can access higher education with ease.
“With this student loan program, higher education has become more accessible to everyone.”
He emphasized that the sensitization program aimed to dispel doubts and misconceptions about the scheme, stressing that President Tinubu’s goal is to ensure that no student is denied tertiary education due to financial constraints.
The Vice-Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, represented by the Deputy Vice-Chancellor for Management Services, Prof. Adegboyega Adisa Fawole, described the sensitization program as timely.
He revealed that out of over 55,000 students at the university, only about 11,000 had applied for the loan due to various reservations. However, the NELFUND team’s visit helped clarify many concerns.
He commended NELFUND for its efforts to simplify the registration and verification processes, making the loan more accessible to students.
The implementation of the student loan scheme is one of President Bola Tinubu’s flagship projects in the education sector.
Barely a month after taking office, Tinubu signed the Access to Higher Education Act, establishing a legal framework for providing loans to low-income Nigerians to help them pay tuition fees at tertiary institutions.
This law led to the creation of the Nigerian Education Loan Fund.
NELFUND is responsible for processing loan applications, grants, disbursements, and recoveries.
According to the Act, the Fund will be financed through multiple revenue streams and will engage in other productive activities.
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