Full List of Requirements for FG Student Loan Scheme Unveiled: 1.2 Million Students Targeted

The Federal Government of Nigeria, under the administration of President Bola Ahmed Tinubu, has officially launched the Student Loan Scheme, aiming to support 1.2 million students in its first phase.

This initiative, managed by the Nigerian Education Loan Fund (NELFUND), is designed to provide financial assistance to students in tertiary institutions who meet the specified criteria.

To fund the program, one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS) will be allocated, which is expected to reach N194 billion if targets are met.

The Managing Director/Chief Executive Officer of NELFUND, Mr. Akintunde Sawyer, has confirmed that all preparations for the registration and application process are in place, marking a significant step towards improving educational accessibility in Nigeria.

In order to be eligible for the loan, applicants must provide their JAMB number, NIN, and BVN. Existing students must also submit their matriculation details.

This structured approach aims to ensure that the funds are distributed fairly and effectively among deserving students.

The Student Loan Scheme will cover the full fees of successful applicants and provide them with a regular stipend for their upkeep.

This financial support will allow students to focus on their studies without the burden of worrying about tuition fees or the basic necessities of student life.

President Tinubu has emphasized his commitment to ensuring that no Nigerian student is forced to drop out of tertiary institutions due to financial constraints.

The Student Loan Scheme is a significant step towards achieving this goal and promoting higher education attainment in the country.

As the program rolls out, it is expected to have a profound impact on the educational landscape in Nigeria, providing opportunities for students to pursue their dreams and contribute to the nation’s development.