The Federal Government has revealed where the student loan scheme will begin.
FG said
the student loan scheme would be rolled out in phases, beginning with the
federal institutions.
The
Managing Director, Nigerian Education Loan Fund, Akintunde Swayerr, who made
this disclosure in an interview with Arise Television on Friday said the
student loan application portal will be opened on the 24th of May for loan
applications.
He
further said the government is currently “in the midst of a sensitization
campaign to inform Nigerians how the scheme will work.”
Swayerr
explained that the loan scheme seeks to bridge the financing gap for students
in Nigeria, enabling them to become more resourceful, and eventually aiding the
country.
“On the
3rd of April 2024, President Bola Ahmed Tinubu signed into law a monumental act
that seeks to bridge the financing gap for applicants who want to get a higher
education that is tertiary level.
“…and
who wants to get vocational training to get proper qualifications that enables
them to be more marketable and useful to the Nigerian society.
“The
fund covers 100 percent of all the fees of tertiary institutions. There’s also
upkeep for the student,” he said.
Swayerr
noted that this plan will be rolled out in schemes, the first being the public
institutions because of the large number of students in that sector requiring
financial aid.
“We’re
going to roll this plan out in phases. The first phase will be with federal
institutions then to others. It’s going to be the public sector at the
beginning because that’s where we find the bulk of students who perhaps need
the financing cover and are most vulnerable.
“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, eligibility to
engage in this scheme,” he said.
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