NASFAT President, Alhaji Ayodeji Abdulwahid AbdulRauf, has called upon undergraduate students in Nigerian universities to take full advantage of the Nigerian Education Loan Fund (NELFUND).
He equally asked parents, guardians, faith-based and non-profit organizations, federal and state higher education institutions, traditional rulers, community leaders, and other stakeholders to actively encourage eligible students to apply for it.
Emphasizing the importance of this initiative, he expressed gratitude to the federal government for introducing a socially impactful programme that aims to reduce the financial burdens on parents and guardians.
The initiative by the federal government is designed to alleviate the financial burdens associated with higher education and ensure that more students can pursue their academic ambitions without undue stress.
The NELFUND student loan initiative aims to provide accessible and affordable financial assistance to Nigerian students enrolled in higher education institutions.
One of the features of NELFUND is its provision for interest-free loans. Students who receive these loans will only be required to repay the amount they borrowed, devoid of any interest accumulation.
Federal universities and 36 state-owned tertiary institutions are onboarded, enabling a broad range of students to benefit from the loan scheme. Students from these institutions can start applying for loans effective July 7, 2024.
Loan repayment begins two years after the completion of the National Youth Service Corps (NYSC), providing graduates ample time to secure employment and stabilize financially.
Students interested in applying for the loan can access the application portal at [https://nelf.gov.ng](https://nelf.gov.ng).