The loan is open to all Nigerian students in the country’s higher institutions, with a flexible repayment plan starting from two years of earning an income after national youth service.
Tinubu has also directed that qualified Nigerians with informal education and those in private universities be included in the initiative.
Only students currently enrolled in the universities will be accommodated in the first phase of the scheme.
DAILY GIST gathered that the launch had been on hold till now in order “to perfect the administrative and logistical infrastructure.
However, the scheme will be launched in Abuja on February 21 by President Bola Ahmed Tinubu.
Mr. Akintunde Sawyerr, the executive secretary of the Nigerian Education Loan Fund (NELFUND), confirmed the launch date.
The portal will go live on February 21. The application process will be fully technology-driven. This is to create a level field for eligible students by removing avenues for graft, bias and prejudice usually associated with human interaction,” he said
According to the selection criteria, an applicant must be a Nigerian and must be a bona fide student of higher institution of learning in Nigeria, in addition to qualifying for financial inclusion and having an acceptable academic performance.
Applicants must be undergraduates, currently studying in a tertiary institution, or applying for the first time.
Those applying for second, master or doctorate degrees are not eligible for the loan.
Applicants will be required to provide basic personal data such as the national identification number (NIN), bank verification number (BVN) and JAMB number which will be in their digital records for seamless verification.
DAILY GIST reports that the Students Loans Act was passed by the National Assembly in 2023 to provide easy access to higher education for indigent Nigerians through interest-free loans and was signed into law by Tinubu on June 13, 2023.