Initially scheduled to begin on June 25, 2024, the application window will now open on July 10, 2024.

The postponement was deemed necessary after several state institutions failed to upload the required student data and fee information to the NELFUND Student Verification System (SVS). 

To date, only 20 out of 48 state universities, 12 out of 54 state colleges, and 2 out of 49 state polytechnics have successfully completed the data submission process.

In a statement released on Tuesday, June 25, 2024, and signed by Nasir Ayitogo, Head of Media and Public Relations for NELFUND, the organization noted the importance of complete and accurate data submissions for a seamless and accurate verification process for student loan applicants. 

“While we acknowledge the efforts of these institutions, the failure to submit data from the remaining state institutions poses significant challenges to ensuring a seamless and accurate verification process for student loan applicants,” the statement read.

The extension is intended to provide additional time for state institutions to comply with the data submission requirements. NELFUND stressed that the lack of compliance from these institutions could disadvantage their students, who rely on these loans to support their education.

To facilitate an efficient and error-free application process, NELFUND has outlined the specific data required from state institutions. This includes JAMB numbers, matriculation numbers, admission numbers, full names, levels, faculties, departments, program durations, fees, and gender of all eligible students. 

Incomplete or incorrect data submissions will result in application delays and potential disqualification for affected students.

The statement urged all state institutions to expedite their data submission processes and ensure the accuracy of the information provided. “Institutions that fail to meet the revised deadline risk disadvantaging their students, who depend on these loans to support their education,” it warned.

This postponement comes under the administration of President Bola Ahmed Tinubu, which is keen on ensuring that the Federal Government’s student loan scheme benefits as many students as possible. 

These applicants, students of federal government-owned tertiary institutions nationwide, were selected from a pool of 120,000 applicants who submitted their applications as of Friday, 21 June.

According to reliable sources, successful candidates can now check their application status on the agency’s portal to track the progress of their approval and subsequent disbursement of funds.

While spokesperson Nasir Ayitogo from NELFUND has yet to comment on the development, he reiterated the agency’s focus on fulfilling its mandate of supporting financially challenged Nigerian students, as approved by President Bola Tinubu.

Each applicant’s dashboard will display the verification process status leading up to final approval or denial, followed by the disbursement of funds.

Multiple agency sources confirmed that the fees for these 70,000 applicants, totaling N35 billion, will be paid directly to their respective institutions’ bank accounts. These fees include tuition fees and other miscellaneous charges such as departmental fees, laboratory fees, and health insurance fees.

An anonymous source clarified, “The payment of these fees totalling N35 billion will be disbursed this week, and disbursements will occur at the beginning of each session to different institutions to manage the funds effectively.”

Additionally, it was disclosed that NELFUND plans to provide a monthly upkeep allowance of N20,000 to each successful applicant throughout their student tenure, amounting to N240,000 annually. However, applicants must reapply annually as the loan is refundable and not a grant.

Furthermore, the upkeep allowance will be paid monthly regardless of whether the beneficiaries’ schools are in session, ensuring continuous support even during breaks.

Howbeit, sources revealed that an additional 50,000 applications are currently under evaluation for possible consideration in the second batch, predominantly from federal institutions. Upon verification of their student status and guarantor details, these applicants will also receive their fees and allowances promptly.

Meanwhile, NELFUND has announced plans to onboard applicants from state-owned tertiary institutions across all 36 states starting from Tuesday, 25 June. The agency will publish a comprehensive list of institutions that have successfully submitted their students’ data on the Student Verification System (SVS) portal by 24 June.

In a statement, Ayitogo emphasized, “The publication of this list aims to promote transparency and encourage equal access and participation in this critical scheme for both undergraduate applicants and tertiary institutions.”

NELFUND stressed that applicants must have their details included in their institution’s data set submitted to the NELFUND SVS for seamless verification and access to the fund.