NELFUND: Delayed Loan Disbursement Leaves Students in Financial Crisis
- Students from 23 Nigerian universities and polytechnics face financial hardship due to delayed education loan disbursements
- Despite NELFUND’s approval, students are unable to pay tuition fees, risking exclusion from exams
- NELFUND blames delays on slow verification processes by schools, urging quicker institutional cooperation
Students from over 23 public universities and polytechnics in Nigeria are facing significant financial challenges as the delayed disbursement of institutional loans from the Nigerian Education Loan Fund (NELFUND) threatens their ability to meet tuition deadlines.
The affected students, who were approved for the loans, are expressing frustration as school portals are set to close soon, with exams fast approaching.
Source: Twitter
The Nigerian Education Loan Fund was established following the signing of the Students Loan (Access to Higher Education) (Repeal and Re-enactment) Act by President Bola Tinubu on April 3, 2024.
The initiative aims to provide sustainable higher education funding for Nigerian students. Since its inception, NELFUND has disbursed over N20 billion for institutional fees, benefiting 192,906 students, and another N12.8 billion as monthly stipends for 169,114 students.
Despite these efforts, many students are yet to receive their approved funds.
Students from institutions including the University of Nigeria Nsukka, Obafemi Awolowo University, Federal University Lokoja, and Ladoke Akintola University have taken to social media to voice their frustrations.
One student from the University of Maiduguri lamented the financial hardship caused by the delay, while another from UNIZIK worried about the imminent closure of the school portal.
Polytechnic students are also affected, with students from The Polytechnic, Ibadan, and LAUTECH reporting difficulties in paying tuition fees, hindering their ability to register for exams.
A NELFUND official, speaking anonymously, attributed the delays to slow verification processes by educational institutions.
According to the official, once NELFUND approves payments, the data is sent to the schools for verification, but many institutions are slow to confirm student details and tuition fees.
The ongoing delays have sparked growing concerns as affected students risk being unable to sit for exams, highlighting the urgent need for improved coordination between NELFUND and educational institutions to ensure timely disbursement of funds.
Data from NELFUND student loan registration
Meanwhile, Legit.ng reported that the Nigerian Education Loan Fund (NELFUND) has released its latest data on student loan registrations, highlighting significant demand across various states in Nigeria.
The data reveals that Kano leads with the highest number of applicants, with 17,122 students applying after registering out of 20,814 registered students.
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Source: Legit.ng
