Fresh N110 Billion Approval for Student Loan Program

The Federal Government of Nigeria has recently approved a substantial sum of N110 billion for the Student Loan Program aimed at supporting students in public tertiary institutions across the country. This significant investment in education demonstrates the government’s commitment to ensuring access to quality education and financial assistance for students.

Out of this approved amount, 60% will be allocated to the institutions where successful applicants are enrolled, effectively covering a substantial portion of their educational expenses. The remaining funds will be distributed among the recipients to address additional financial needs.

More and more people are applying for loans every day. In fact, we were getting so many applications that at one point, we had 9,000 applications in just one day!. Even though we’ve already processed a bunch of them, there are still lots more to go through. But rest assured, most of these applications will likely get approved for a loan.

“Even though out of 417,000 people that showed interest in applying for a loan, only 328,000 of them have actually gone through with it. This is because some people might have just registered to check out the loan portal and see what it’s all about, while others might have wanted more info before deciding to apply.

But the good news is that all 417,000 of those people are still in the system. So even if they haven’t applied for a loan yet, we’ve still got their details saved and they can come back and apply whenever they’re ready.

‘’Sometimes, people need a little time to think things through before they’re ready to apply for a loan. So, even though they might register for a loan initially, it’s not uncommon for them to hold off on actually applying for a bit.”