The Nigeria Education Loan Fund (NELFUND) has said its Student Loan application system has now been fully digitised to streamline and accelerate the student loan processing experience for institutions and applicants.
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The director of corporate communications, Oseyemi Oluwatuyi, stated this in a press statement yesterday.
According to her, with this upgrade, all accredited institutions are now required to request access to SLAS to verify and upload student data related to loan applications.
She said this is a critical step ensuring timely processing and disbursement of approved student loans.
According to the Fund, once granted access, institutions will be able to view a real-time dashboard of their students’ loan applications, verify submitted data, and track the status of each application.
“We urge all institutions to take immediate action in the interest of their students, as verification and data upload by the institutions are mandatory steps before final approval and disbursement can be completed,” the statement said.
The implementation of the student loan scheme is President Bola Tinubu’s flagship project in the education sector. Barely a month after his inauguration as president, Tinubu signed the Access to Higher Education Act, which creates a legal framework for granting loans to indigent or low-income Nigerians to facilitate the payment of their fees in Nigerian tertiary institutions.