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FG Approves Student Loan Disbursement, To Commence Payment Soon | How to Check your Student Loan Status

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FG Approves Student Loan Disbursement, To Commence Payment Soon | How to Check your Student Loan Status

In a landmark move, the Nigerian Education Loan Fund (NELFUND) has approved the disbursement of student loans to successful applicants. This announcement came after NELFUND’s inaugural board meeting on June 26, 2024, marking a significant step in the agency’s mission to provide financial aid to students.

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Key Highlights from the Inaugural Board Meeting

Held in Abuja, the meeting was led by NELFUND’s Chairman, Mr. Jim Ovia, and attended by the fund’s management and representatives from various member organizations. The primary agenda of the meeting was the approval of student loans, aligning with President Bola Ahmed Tinubu’s vision of improving access to higher education.

A statement from NELFUND’s Head of Media and Public Relations, Nasir Ayitogo, revealed that the board approved the immediate disbursement of student loans to successful applicants. The press release, titled “NELFUND Holds Inaugural Board Meeting as Student Loan Disbursement Tops Agenda,” highlighted the importance of this decision in empowering the next generation of Nigerian leaders.

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A Step Towards Educational Empowerment

The approval of these loans is seen as a crucial step in fulfilling NELFUND’s mission to support education and alleviate the financial burden on students. The statement emphasized the organization’s commitment to making quality education accessible and affordable for all Nigerian students.

According to the release, “This decision underscores President Bola Ahmed Tinubu’s dedication to providing timely and essential financial assistance to students in need, enabling them to pursue their educational goals without undue financial stress.”

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Future Initiatives and Commitments

The board meeting also laid the groundwork for future initiatives aimed at enhancing educational opportunities across various disciplines. NELFUND’s Managing Director/CEO, Mr. Akintunde Sawyerr, along with representatives from member organizations, were present to discuss and plan these initiatives.

Background on the Student Loan Program

The approval follows President Tinubu’s signing of the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on April 3, 2024. Registration for the program began in May, with 1.2 million students from federal tertiary institutions across the country participating in the first batch.

Checking Your Loan Status

Students who have applied for the loan can check the status of their application on the official NELFUND portal at nelf.gov.ng.

Conclusion

NELFUND’s approval of student loans is a pivotal moment for Nigerian education, reflecting a dedicated effort to support students financially and promote higher education. As the disbursement process begins, it is expected to provide significant relief to students and their families, fostering a more educated and empowered generation.

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