FG to release 35 billon to 70,000 Applicants For Student Loan.

 
                                                                                 By Vivian Saleh : kindly share story.
 It has been concluded by the Nigerian Education Loan Fund (NELFUND) as signed by the  Federal Government to pay out a total of N35 billion in fees and monthly upkeep allowances to 70,000 applicants who are already successful in their loan applications, 

According to multiple sources within the agency, the various applicants will have their fees charged by their institutions paid directly into the institutions’ bank accounts.


According to another  source ; This amount will total N240,000 per year, but to be qualified in the next year, the applicant will have to reapply because it is a refundable loan and not a gift,

The Nigerian Education Loan Fund (NELFUND) was created by the Access to Higher Education Act, which President Bola Tinubu signed.

The Fund is tasked with handling all student loan requests, grants, disbursement, and recovery of the loans.

The Fund is being funded from multiple streams and will engage in other productive activities. It will also be funded through donations, gifts, grants, endowments, and revenue accruing to the fund from any other source, according to the Act.





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