The Nigerian Education Loan Fund (NELFUND) has unveiled plans to integrate its website with institutional portals to streamline the verification process for students applying for loans.
The Executive Director of Operations at NELFUND, Mustapha Iyal, made this known during a sensitization program for tertiary institutions in Kwara State, held at the University of Ilorin on Tuesday. He noted that delays in student verification and loan disbursement often stem from slow institutional responses.
However, with the new system, students will be able to complete the loan application process while registering at their respective institutions.
Explaining the initiative, Iyal stated:
“One of the major challenges we have identified is verification. To resolve this, NELFUND is integrating its platform with institutional portals. When students register for courses, they will have the option to pay through NELFUND, cash, or other means.
“If a student chooses NELFUND, their details—already stored in the institution’s portal—will automatically be used for the application, eliminating the need to visit our website separately. This integration will enhance efficiency and reduce delays.”
Addressing concerns raised by students from various institutions in Kwara State, Iyal assured them that NELFUND is actively working to simplify the process. He emphasized that the team operates 24/7 and is always available to assist students.
Speaking at the event, Umar Faruk Lawal, the newly appointed student representative on the NELFUND board, praised President Bola Tinubu’s administration for launching the student loan initiative.
He highlighted the initiative’s role in expanding access to higher education for underprivileged students.
“One of President Tinubu’s key campaign promises was the student loan program, and it is now a reality. This initiative ensures that children from disadvantaged backgrounds can pursue higher education with ease,” Lawal stated.
He further noted that the sensitization program aimed to dispel doubts and misconceptions about the loan scheme, reaffirming that the President’s goal is to prevent financial barriers from hindering students’ education.
The Vice-Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole, represented by Deputy Vice-Chancellor for Management Services, Prof. Adegboyega Adisa Fawole, described the initiative as timely.
He revealed that out of over 55,000 students at the university, only about 11,000 had applied for the loan due to various concerns. However, he noted that the NELFUND team’s visit helped address many of these reservations. He commended the agency for simplifying the loan application and verification processes, making it more accessible to students.
The student loan scheme is one of President Bola Tinubu’s flagship education sector initiatives.
Barely a month after assuming office, Tinubu signed the Access to Higher Education Act, creating a legal framework for providing loans to low-income Nigerians to cover tuition fees at tertiary institutions.
As the implementing body, NELFUND is responsible for processing applications, disbursing funds, and managing loan recoveries. The Fund is financed through multiple revenue streams and is set to engage in other productive activities to sustain the program.
