Ahead of its kick-off on Friday, May 24,, the Federal Government has listed fresh criteria for student loan applications.

Managing Director of the Nigerian Economic Loan Fund (NELFUND), Akintunde Sawyerr, has revealed that a maximum of 1.2 million students across federal tertiary institutions will access the students’ loans in its opening phase.

Speaking ahead of the portal’s formal launch for applications Sawyerr stated that students enrolled in federal tertiary institutions whose institutions have finished uploading their data would be able to apply in the first phase.

He noted that potential candidates can start the application process as early as May 24, but noed that the loan application process has been simplified to provide simple access for all qualified students in federal tertiary institutions.

According to Sawyerr, the program is an essential part of President Bola Tinubu’s administration’s Renewed Hope Agenda.

Its purpose is to give needy students financial support (obligatory fees and stipends) so they can pursue their academic objectives without worrying about the financial burden.

He also added that the Fund will pay 100 percent of institutional fees directly to the institutions of learning account while also providing stipends to the students monthly based on when school is in session.

He stressed the importance of some of the key features of the student loan including, No physical contact between the loan applicant and NELFUND, a user-friendly Loan Application portal, comprehensive support where applicants can access online support to assist and flexible repayment plans.

He said: “We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing.”