The Nigerian Education Loan Fund (NELFund) has announced that the student loan application process is now fully digital, eliminating all forms of human contact during the application phase.
In a statement issued on Wednesday, Oseyemi Oluwatuyi, Director of Strategic Communications at NELFund, stated that the new system will streamline the loan process, making it faster and more transparent for both students and institutions.
According to her, all accredited institutions must now register on the Student Loan Application System (SLAS) to verify and upload their students’ data. This step is compulsory before any student can receive final approval or payment.
“Institutions yet to register should do so immediately by requesting access to the platform,” she said. “Once registered, schools will be able to see real-time updates of their students’ loan applications, verify details, and track each step. She added that students whose loan status shows “Verified” have passed the first stage of approval, but the loan cannot be disbursed until their institution uploads and confirms their data. Once the school completes this process, the student’s status will change to ‘Disbursed’, and the tuition fee will be paid,” she explained.
NELFund thanked institutions for their cooperation and student applicants for their patience, noting that the complete digitisation of the process aims to improve speed, accuracy, and accountability in the handling of student loans.
Leave feedback about this