The clock is ticking for Nigerian students hoping to benefit from the Nigerian Education Loan Fund (NELFUND) in the 2023/2024 academic year, as the application window is set to close on February 21, 2025.
NELFUND’s Managing Director, Akintunde Sawyerr, confirmed the deadline during a recent press briefing in Abuja, urging students who are yet to submit their applications to act fast or risk missing out. According to Sawyerr, the fund received an overwhelming response this year, with more than 364,000 applications submitted in just 220 days, a figure that reflects the growing demand for financial support among Nigerian students.
“This is a critical moment for those who are still hoping to apply,” Sawyerr said, adding that the transition to the 2024/2025 application cycle would begin on February 22. “We remain committed to ensuring that no deserving student is left behind because of financial limitations, and we continue to improve our operations to better serve students across the country.”
A Record-Setting Year for NELFUND
The 2023/2024 cycle has been one of the most successful years for NELFUND, according to Sawyerr. The fund has already disbursed an impressive N22.7 billion in institutional fees to 150 institutions, directly benefiting over 215,000 students. This funding, Sawyerr explained, was crucial in alleviating the financial burden for students attending public and private universities, polytechnics, and other higher learning institutions.
Furthermore, NELFUND has provided additional support for students by distributing N12.8 billion as upkeep funds. These funds, which amount to N20,000 per month per student, have been instrumental in helping over 169,000 students with their living expenses.
“We understand that tuition fees are only one part of the financial challenge students face. Our aim is to offer comprehensive support, from tuition to living expenses, to ensure students can focus on their studies without the constant worry of how to survive on campus,” Sawyerr explained.
NELFUND’s Growing Impact on Nigerian Education
The impact of NELFUND cannot be overstated, especially in light of the country’s economic challenges and the rising cost of education. For many Nigerian students, the loan scheme represents a lifeline that makes higher education accessible and achievable.
Sawyerr noted that the growing number of applications is a clear indication of the demand for student loans, underscoring the importance of continued investment in education. “This is a reflection of the critical need for financial assistance in our education system. We have seen a steady rise in the number of students applying for loans, and it is evident that the need for this kind of support is greater than ever.”
For students like 21-year-old Adeola Olufemi, a final-year economics student at the University of Lagos, NELFUND has been a game-changer. “Without the loan, I honestly don’t know how I would have managed to stay in school. The financial support has helped me pay my school fees and even cover some of my living expenses. It’s given me a chance to focus on my studies instead of constantly worrying about money.”
The success of the loan scheme is also evident in the diversity of institutions benefiting from the funds. From public universities to technical colleges, NELFUND’s support spans the full spectrum of Nigerian higher education.
A Transparent and Efficient Process
In addition to its financial contributions, NELFUND has garnered praise for its commitment to transparency and efficiency in processing applications. Sawyerr emphasized that the fund’s operations are designed to align with the academic calendar, ensuring that students receive the necessary funds promptly to avoid delays in their studies.
“We’ve worked hard to streamline our application process, making it as simple and user-friendly as possible. Our team is dedicated to reviewing all applications fairly and efficiently, and we’re confident that we can meet the needs of all students who apply before the deadline,” Sawyerr stated.
The application process itself, which has been heavily digitalized, is available on NELFUND’s website, allowing students to apply from anywhere in the country. This online system has been lauded for its accessibility and ease of use, ensuring that students from all regions, including remote areas, have an equal opportunity to apply for financial support.
What’s Next for NELFUND?
With the end of the 2023/2024 application cycle fast approaching, NELFUND is already preparing for the 2024/2025 cycle. Sawyerr emphasized that the organization is committed to continuous improvement, ensuring that more students can benefit from its loans in the coming years.
“We’re not stopping here. We plan to keep expanding and enhancing the program to accommodate the growing number of students who need assistance. Our goal is to make sure that education remains accessible for all Nigerians, regardless of their financial background,” he said.
While the 2023/2024 application window is closing soon, NELFUND’s officials are optimistic about the upcoming cycle, which will begin on February 22. Sawyerr reassured applicants that those who successfully submit their applications by the deadline will have their submissions processed according to the fund’s established guidelines, with decisions expected to be made in the coming months.
Student Loan Scheme Vital to Future of Education
As the demand for education grows and financial challenges continue to mount for Nigerian students, schemes like NELFUND play a pivotal role in shaping the future of the country’s education system. By addressing the financial constraints that often stand in the way of higher education, NELFUND is helping to create a more inclusive and accessible academic environment.
For students across Nigeria, NELFUND represents more than just financial support – it is a hope for a brighter future, one where education is not limited by the inability to pay. With the 2023/2024 application window closing soon, students are urged to submit their applications on time and seize the opportunity to secure funding for their education.
