The Nigerian Education Loan Fund (NELFUND) has announced that student loans will be disbursed to successful applicants based on the academic calendars of their respective institutions. According to the Head of Media and Public Relations at NELFUND, Nasir Ayitogo, funds will be released at the beginning of each new academic session, following the institution’s academic calendar.
This development comes as a result of the board’s approval of student loan disbursement during its inaugural meeting in Abuja, marking a significant milestone in its mission to provide financial assistance to students. The board, led by Chairman Jim Ovia, has prioritized the immediate disbursement of loans to successful applicants.
On the 3rd of April 2024, President Bola Tinubu signed the Student Loans bill into law. The bill followed the consideration of the report of the Committee on Tertiary Institutions and the Tertiary Education Trust Fund by both the Senate and House of Representatives.
The NELFUND’s commitment to timely disbursement of student loans aims to alleviate financial burdens on students pursuing higher education. With this announcement, students can now plan ahead, knowing when to expect financial support from the fund. As NELFUND continues to work towards its goal of supporting students with financial aid, this development is a positive step towards making higher education more accessible and affordable for all.
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