Student Loan Application Surges As Disbursement Phase Kicks Off

With the commencement of student loan disbursements, a dramatic rise in applications has emerged as many students are rushing to complete their registration on the portal.

According to my report, students who had previously been reluctant to apply for loans are now hastening to submit their applications, driven by the government’s recent commencement of loan disbursements.

It would be recalled that the Management of the Nigerian Education Loan Fund (NELFUND) recently approved student loans amounting now to over N2,530,235,750, being disbursed across many institutions, benefiting 22,120 students.

It also announced the successful disbursement of N20,000.00 monthly stipends for the month of July to 20,371 students from six tertiary institutions.

The disbursements were for students from Bayero University Kano, Federal University, Dutsin-Ma, University of Ilorin, University of Benin, University of Ibadan and University of Maiduguri, whose institutional fees have already been paid by NELFUND, have begun to receive July upkeep stipends.

Mr. Ibom Uche, the Director Finance and Accounts, said the next phase of disbursement will be concluded within the next two weeks as the fund is committed to ensuring that all eligible students receive their stipends promptly.

However, the figures obtained from NELFUND showed that that the loan Fund has received the highest number of student loan applications within 24 hours since the launch of its portal on May 25, 2024.

The Fund said it has recorded more than 9,687 student registrations, with 7,975 completed loan applications on August 7, 2024. alone.

“Since the portal’s opening, NELFUND has seen a steady influx of applications, demonstrating the importance of its mission to support students struggling with tertiary education financing. This achievement aligns with President Bola Ahmed Tinubu’s vision and actions,” the statement said.

Meanwhile, some parents have urged the management of the Fund to take greater steps in ensuring transparency and accountability. One of the parents, Uge Victor, whose son applied for the loan said the call for increased transparency would allow parents to monitor the support their wards receive.

“We believe it is crucial for the management to publish the names of beneficiaries regularly. “By making this information public, we can better track the distribution of funds and ensure that resources are reaching those who need them.”