How to easily access students loan

Officials assured that accessing the Federal Government’s student loan program will be a seamless, automated process without human contact. The Executive Secretary and CEO of the Students Loan Board, Dr. Akintunde Sawyerr, stated that funds for successful students would be transferred directly to the schools’ accounts. The scheme has been expanded to include young Nigerians interested in skill development outside tertiary institutions.

Dr. Sawyerr, along with Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), spoke to reporters after a meeting with President Bola Ahmed Tinubu. Dr. Adedeji highlighted the importance of education tax as a major funding source for the loan scheme.

The loan program aims to allow every applicant to choose a career trajectory without financial constraints. Dr. Sawyerr believes the initiative will discourage Nigerian youths from undertaking perilous journeys across the Sahel to Europe in search of better opportunities.

Key points of the loan program include:

1. Zero human intervention: The application process is automated through a portal and an app.
2. Required information: Applicants need to provide details such as UTME number, date of birth, National Identification Number (NIN), BVN, admission numbers, and other essential information.
3. Fund source: The funds primarily come from Nigerian taxpayers, ensuring that the scheme benefits Nigerian citizens.
4. Direct transfer to institutions: Once approved, tuition fees will be transferred directly to the institutions, easing the financial burden on students and their families.
5. Empowering students: The program aims to empower students by ensuring they have bank accounts, facilitating the seamless transfer of funds.

Dr. Adedeji emphasised that the Education Tax collected would be applied to schemes like this, ensuring accountability to taxpayers and enhancing education integrity and quality.

President Tinubu directed the expansion of the Nigeria Education Loan Fund (NELFUND) to include students interested in skill development programs. The loan scheme is inclusive, catering to diverse talents and aspirations. Ngelale, the Special Adviser to the President on Media and Publicity, emphasized the commitment to disadvantaged citizens and the importance of providing access to education for qualified students, irrespective of economic challenges.