FG Unveils Student Loan Scheme, Starts with Federal Institutions

FG Unveils Student Loan Scheme, Starts with Federal Institutions

The Federal Government is set to launch the student loan scheme in phases, starting with federal institutions. Akintunde Swayerr, Managing Director of the Nigerian Education Loan Fund, made this announcement during an interview with Arise Television, monitored by OduNews. He revealed that the student loan application portal would open on May 24.

“We’re going to roll this plan out in phases. The first phase will be with federal institutions because that’s where we find the bulk of students who perhaps need the financing cover and are most vulnerable,” Swayerr explained.

He emphasized the government’s ongoing sensitization campaign to educate Nigerians on the scheme’s workings. Signed into law by President Bola Ahmed Tinubu on April 3, 2024, the initiative aims to bridge the financing gap for students pursuing higher education and vocational training, enhancing their marketability and usefulness to society.

“The fund covers 100 percent of all the fees of tertiary institutions. There’s also upkeep for the student,” Swayerr noted.

This phased rollout will prioritize public institutions initially due to the large number of students needing financial aid. “We have a system that hopefully makes this have a national spread and some degree of equal opportunities for those who have the desire, capacity, and eligibility to engage in this scheme,” he added.

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