Student loans will be made available gradually, beginning with federal universities — FG
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The student loan program will be implemented gradually, beginning with federal universities, according to the Federal Government.
In an interview with Arise Television on Friday, Akintunde Swayerr, the Managing Director of the Nigerian Education Loan Fund, revealed this.
According to Swayerr, loan applications can be submitted through the student loan application portal starting on May 24.
To start informing Nigerians about how the scheme will operate, he continued, the government is presently “in the midst of a sensitization campaign.”
The MD stated that the goal of the loan program is to close the financial gap for Nigerian students so they may become more resourceful and ultimately help the nation.
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He said, “On the 3rd of April 2024, President Bola Ahmed Tinubu signed into law a monumental act that seeks to bridge the financing gap for applicants who wants to get a higher education that is tertiary level;
“…and who wants to get vocational training to get proper qualifications that enables them to be more marketable and useful to the Nigerian society.
“The fund covers 100 percent of all the fees of tertiary institutions. There’s also upkeep for the student.”
Swayerr noted that this plan will be rolled out in schemes the first being the public institutions because of the large number of students in that sector requiring financial aid.
“We’re going to roll this plan out in phases. The first phase will be with federal institutions then with others. It’s going to be the public sector at the beginning because that’s where we find the bulk of students that perhaps need the financing cover and are most vulnerable.
